November 12, 2024
Here’s your Weekly Wrap of all things crypto funding, ending November 9, 2024.
This week’s crypto funding landscape featured materially lower activity, with a total of $59.145 million raised across 17 projects compared to a rolling average of approximately $257 million raised across 27 projects per week.
Notable sectors highlighted significant investments in Infrastructure, AI, and Social sectors. Infrastructure projects raised a total of $23.3 million across two initiatives, showcasing strong investor interest in scalable blockchain solutions. The AI sector raised $8.5 million across two projects, reflecting the continued fusion of blockchain and artificial intelligence in driving innovation. Meanwhile, the Social sector attracted $1.5 million, illustrating the growing integration of blockchain technology in community-driven consumer platforms.
Below is a summary of the recorded projects receiving funding this week.
Category | Organization Name | Project Description | Money Raised this Round |
AI |
|
| 8,500,000 |
Pond | Crypto-AI startup | 7,500,000 | |
SkyX | AI-Centric intelligent weather network | 1,000,000 | |
Bitcoin | Prosper | Decentralized Bitcoin mining protocol | UNDISCLOSED |
DeFi | Cow DAO | Permissionless trading protocol | UNDISCLOSED |
DeSci | BIO Protocol | Decentralized Biotech | UNDISCLOSED |
Gambling |
|
| 345,000 |
Betski | All-in-one online iGaming platform | 345,000 | |
Infrastructure |
|
| 23,300,000 |
Cytonic | Multi-virtual-machine blockchain | 8,300,000 | |
ProvLabs | Blockchain SaaS solutions firm, | 15,000,000 | |
L1 |
|
| 8,000,000 |
Pharos Network | Full-stack parallel blockchain | 8,000,000 | |
L2 |
|
| 1,000,000 |
MAP Protocol | Bitcoin L2 interoperable layer | 1,000,000 | |
RWA |
|
| 1,500,000 |
Usual | RWA Stablecoin Protocol | 1,500,000 | |
Security |
|
| 5,000,000 |
Swisstronik | L1 Security Solution | 5,000,000 | |
Social |
|
| 1,500,000 |
Rekt Brands | NFT and Drinks brand | 1,500,000 | |
Web3 |
|
| UNDISCLOSED |
Bion | Web3 Shopping App | UNDISCLOSED | |
HackQuest | Web3 Education Platform | UNDISCLOSED | |
ZK |
|
| 10,000,000 |
Kroma | Optimistic Rollup utilizing zkEVM | UNDISCLOSED | |
vlayer | Trustless verifiable data infrastructure powered by ZK proofs | 10,000,000 | |
Grand Total |
|
| 59,145,000 |
Infrastructure
Infrastructure projects raised a total of $23.3 million across two key initiatives, emphasizing the demand for scalable blockchain solutions and enterprise adoption.
Cytonic raised $8.3 million to enhance its multi-virtual-machine blockchain, which aims to facilitate interoperability across various blockchain networks. This funding will help Cytonic continue developing its platform, enhancing scalability and performance for decentralized applications.
ProvLabs secured $15 million to expand its blockchain-as-a-service (BaaS) solutions. ProvLabs focuses on helping enterprises integrate blockchain technologies into their operations, and this investment will support the expansion of its services, meeting the increasing demand for seamless blockchain solutions in the enterprise sector.
These investments underscore the growing need for infrastructure that can support decentralized applications, inter-network scalability, and enterprise adoption.
AI
The AI sector raised a total of $8.5 million this week, demonstrating continued investor interest in AI-driven technologies. AI’s integration with blockchain continues to capture the spotlight, with projects seeking to enhance data processing, automation, and decentralized models.
Pond raised $7.5 million for its crypto-AI startup focused on building an intelligent weather network. This blockchain-based platform aims to provide more accurate, decentralized weather prediction models, offering substantial improvements in forecasting accuracy. The funding will be used to enhance Pond's AI-driven algorithms and expand its network's capabilities.
SkyX secured $1 million for its AI-centric intelligent weather network. By combining AI with blockchain, SkyX aims to offer precise weather forecasts and more reliable data sharing, addressing the needs of businesses requiring accurate weather insights. The funding will support further scaling of its technology and expanding its market presence.
Social
The Social sector received $1.5 million in funding, focusing on innovative ways to integrate blockchain into consumer-facing applications.
Rekt Brands raised $1.5 million to combine NFTs with a consumer brand centered around drinks and lifestyle products. This funding will support the development of a new community-driven platform that uses NFTs to create unique consumer experiences, blending blockchain technology with social and lifestyle engagement.
This project highlights how blockchain technology is being leveraged to enhance consumer engagement and build new forms of social interaction, particularly within entertainment and lifestyle industries.
Conclusion
The Infrastructure and AI sectors are playing a crucial role in shaping the future of blockchain technology. Projects like Cytonic and ProvLabs are laying the foundation for scalable decentralized applications, supporting the growth of blockchain ecosystems and enabling enterprise adoption. Additionally, MAP Protocol's Layer 2 solution is addressing key scalability challenges by improving the efficiency and speed of blockchain transactions, which is essential for mass adoption. These advancements are paving the way for broader blockchain implementation across industries.
Meanwhile, the Social sector is demonstrating blockchain's potential beyond finance, as seen with Rekt Brands, which is combining NFTs with consumer products. This innovation reflects how blockchain is transforming social interaction and fostering new forms of community-building. Collectively, these developments highlight blockchain's expanding influence, from foundational infrastructure to entertainment and social engagement, marking its growing role in everyday life.
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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