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Summary:
Summary:
Celestia Labs raised $55 million in two rounds of funding this year.
The latest funding brings its valuation to $1 billion, according to people familiar with the matter.
Celestia Labs, a startup looking to take a modular approach to building better blockchain infrastructure, announced $55 million in funding.According to the official announcement,Celestia Foundation Announces $55 Million Financing
, Bain Capital Crypto and Polychain Capital led the round, Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, IOSG Ventures, Smrti Lab, Jump Crypto, Balaji Srinivasan, Eric Wall , Jutta Steiner, A&T Capital, W3.Hitchhiker and others participated in the investment.
Its funding comes from two rounds of funding (Series A and B) that quietly closed earlier this year, according to a person familiar with the matter. The latest financing values Celestia at $1 billion, giving it unicorn status, the people said.
Celestia has built a "modular blockchain architecture" to compete with the likes of Ethereum. Celestia described ethereum as a "monolithic" blockchain. To avoid the drawbacks of such blockchains, Celestia's trick is to separate the consensus mechanism from the execution.
Mustafa Al-Bassam, co-founder of Celestia Labs, said in the announcement, “Modular blockchains will define the next decade of Web3 innovation. Over the past decade, Crypto has been subject to an infinite loop of new monolithic L1 smart contract platforms.” (endless loop), each platform races to reduce costs, sacrificing decentralization and security for cheaper transaction fees. We envision a blockchain ecosystem where both the modular data availability layer and the execution engine integrated. We believe modular blockchains are the next generation of scalable blockchain architectures.”
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Modular ReformIn September this year,Fuel Labs Announces $80M in Funding for its Modular Execution Layer (MEL)
, Blockchain Capital and Stratos Technologies led the round. Fuel Labs is different from Celestia in terms of technology, but the two companies have a close relationship. Ekram Ahmed is Director of Communications at Celestia and Strategic Advisor to Fuel.Celestia last announced funding in March 2021
, at that time received $1.5 million in strategic seed funding from Binance Labs, Maven 11, and KR1. Celestia launched the Mamaki testnet in May this year, introducing a new data availability API. Mamaki's upgrade is scheduled for late October.
