The funding is backed by several crypto projects and venture firms, including Near, Wintermute, Orange DAO, Quantstamp, Tribe Capital and NGC Ventures.
Web3 platform Analog has secured $16 million in funding to advance its cross-chain communication tools for developers. With the round, the startup’s valuation reaches $120 million on a fully diluted basis.
Backing the round are a number of crypto projects and Web3 funds, including Near, Wintermute, Orange DAO, Benqi Finance and Quantstamp. Other participants in the funding include venture capital firms Tribe Capital, Alumni Ventures and NGC Ventures, along with former Coinbase executive Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group.
Analog was founded by Victor Young and Sanchal Ranjan in 2021. While working on algorithmic trading bots, Young observed a need for cross-chain data triggers for smart contract execution. “Coupled with the increasing awareness of a need for cross-chain interoperability across the board, the idea of Analog was born,” the founder told Cointelegraph.