Polychain Capital leads $8 million funding for Ethereum Layer 2 developer Fluent Labs

Fluent Labs has recently secured $8 million in funding during a seed and extended round, with Polychain Capital leading the investment. Other participants in the funding round included Primitive, dao5, Symbolic Capital, Builder Capital, Nomad Capital, and Public Works. This successful fundraising effort has allowed the company to forge ahead with its plans to develop an Ethereum layer-2 solution that integrates WebAssembly (Wasm), EVM, and SVM technologies to establish an extended execution network. By combining these technologies, Fluent Labs is enabling developers to create applications across various blockchain ecosystems without encountering compatibility issues.

Moreover, the company announced that it already has 60 blockchain projects actively building on its platform. The infusion of capital from leading investors, including renowned angel investors like Balaji Srinivasan, Mustafa Al-Bassam, Jason Yanowitz, Santiago Santos, Dingaling, Cristian Manea, and Will Price, underscores the industry’s confidence in Fluent Labs’ vision and potential.

According to reports, Fluent Labs plans to utilize the funds to expedite the development of its Ethereum layer-2 technology. By expanding its team of core contributors, particularly in the engineering department, the company aims to drive innovation and enhance its platform’s capabilities. Notably, Fluent Labs intends to empower developers to leverage the best tools available for their specific tasks when building applications, without having to worry about compatibility issues.

Polychain Capital’s General Partner, Luke Pearson, highlighted the significance of Fluent Labs’ approach in addressing the limitations of existing blockchain execution environments. He commended the company for enabling developers to utilize diverse tools seamlessly, thereby revolutionizing the application development process in the blockchain space.

Furthermore, Fluent Labs’ platform offers users access to applications from various virtual machine ecosystems without the need to switch wallets. The company’s co-founder and CEO, known pseudonymously as Dino, emphasized the importance of enabling true cross-VM composability to transform user experiences significantly. An analogy was drawn to the user-friendly experience of utilizing a Solidify-based decentralized exchange supporting both ERC-20 and Solana SPL tokens, showcasing the platform’s versatility and potential for facilitating multi-token swaps.

Overall, Fluent Labs’ successful funding round signals a new phase of growth and innovation for the company as it continues to push the boundaries of blockchain technology. With a strong foundation and support from prominent investors, Fluent Labs is poised to make significant advancements in the development of its Ethereum layer-2 solution, ultimately benefitting developers and users within the blockchain ecosystem.