Union Labs, a company specializing in blockchain interoperability development, has successfully closed a seed funding round, raising $4 million. This round was led by venture capital firms Nascent, Galileo, and Semantic Ventures, with participation from Tioga Capital, Lightshift, and Chorus One.
Investment Aimed at Team Expansion and Company Growth
The newly acquired capital is earmarked for strategic expansion, primarily focusing on staff recruitment and overall company growth. This infusion of funds is set to accelerate Union Labs' mission to enhance blockchain functionality and compatibility.
Developing a Cross-Chain Bridge with Zero-Knowledge Technology
Union Labs is committed to creating a cross-chain bridge that connects various first and second layer networks using Zero-Knowledge (ZK) technology. This initiative is in response to the increasing demand for more sophisticated and resilient blockchain solutions, especially in the wake of frequent hacking incidents targeting bridges.
Karel Kubat on the Future of Blockchain Security
Karel Kubat, the founder of Union Labs, emphasized the importance of this development in a statement to The Block: “Bridge hacks are some of the most notable in the industry, yet they remain critically important infrastructure for almost all projects. This underscores the need for more advanced, resilient products. Our duty is to develop new ways to protect these assets and contribute to the adoption of ZK technologies.”
Blockchain Industry's Continued Growth
This successful funding round for Union Labs is part of the broader trend of significant investments in the blockchain sector. It follows other notable funding achievements, such as Blockchain.com completing a $110 million Series E financing round, further indicating the growing interest and confidence in blockchain technology and its applications.