Aiming to bring infinite scalability to interoperable blockchain platforms, Sovereign Labs raised $7.4 million in a seed round.
Aiming to bring infinite scalability to interoperable blockchain platforms, Sovereign Labs raised $7.4 million in a seed round. The tour was led by Haun Ventures.
Founded in March 2022 by Cem Ozer and Preston Evans, the startup is developing an “open, interconnected aggregation ecosystem” with a software development kit (SDK) to provide a framework for secure and interoperable zero-knowledge collections (ZK-Rollups).
ZK-Rollup uses zero-knowledge proofs to enable scalability in blockchain networks. Zero-knowledge proof is known as a blockchain system that does not require disclosure of key information to execute a command. The venture is backed by some of the leading Web3-focused companies, including Haun Ventures, Plaintext Capital, Maven11, 1k(x), Robot Ventures, and several angel investors.
Cem Ozer, co-founder and CEO of Sovereign Labs, said, “The goal of Sovereign has always been to simplify scaling. For people who have been in the field for over four years, it’s pretty clear that rollups and ZK-rollups are the way to scale blockchains to the masses. Without scaling, today’s existing blockchain systems cannot be used.”
“Building with zero knowledge has historically been accessible to only a few PhD holders in cryptography,” Preston Evans, the company’s co-founder and chief technology officer, said in a statement. At Sovereign Labs, we’re working on tools available to regular developers.”
Ozer and Evans added that Sovereign Labs has no plans to launch a token and is “100% focused” on building the SDK framework.
With the new investment, the startup aims to reach more people by expanding its team and platform.
Source: Egirisim / Prepared by Irem Yildiz