July 19, 2024
Nirvana Labs, a Blockchain Cloud Firm, has successfully raised $4 million in a seed funding round. The round was jointly led by Castle Island Ventures and RW3 Ventures, with additional contributions from the BitGo Ecosystem Fund, Hash3, Third Earth, and Play Ventures. This funding round has increased Nirvana Labs's total capital raised in the last half-year to $5.7 million.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Nirvana Labs | $4M | July 19, 2024 | Seed Round | $5.7M | Castle Island Ventures, RW3 Ventures | Web3 |
Nirvana Labs is currently working on a cloud infrastructure specifically tailored for web3 applications. Their product, known as Nirvana Cloud, is utilized by several leading cryptocurrency companies, including Chainlink, BitGo, Goldsky, Thirdweb, and Pairpoint.
Nirvana Labs recognizes the distinct difficulties that companies encounter when developing on-chain applications within the constraints of a general-purpose cloud, according to the company's founder, Devin Bandara. The recent funding will enable them to improve their specialized cloud services, offering an alternative to traditional cloud providers that is specifically designed for web3. Their aim is to provide unmatched cloud performance and cost reductions for their clients, as they anticipate the emergence of a new generation of alternative clouds for the web3 domain.
About Nirvana Labs
Nirvana Labs is a pioneering company in the web3 infrastructure space, offering a unique product known as Nirvana Cloud. This cloud platform is designed to optimize performance, reliability, and cost-effectiveness for companies operating in the blockchain sector.
The company has developed a bare metal cloud infrastructure that is specifically tailored to meet the needs of web3 applications. This infrastructure is built using top-of-the-line hardware and proprietary networking, which allows for significant optimizations on blockchain workloads. As a result, Nirvana Labs can reduce cloud costs and decrease the industry’s dependence on traditional cloud providers.
Website: https://nirvanalabs.io/
About Investor
The round was jointly led by Castle Island Ventures and RW3 Ventures, with additional contributions from the BitGo Ecosystem Fund, Hash3, Third Earth, and Play Ventures.
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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