Investing.com — Ava Protocol, formerly known as OAK Network, closed a $10 million seed funding round as it looks to expand its operations and technology stack, according to an email announcement shared with Investing.com on Tuesday .
The recent funding comprises a $5.5 million seed round followed by a $4.5 million seed round. Ava Protocol garnered support from notable names in the venture capital and cryptocurrency spaces. Specifically, the seed+ round was funded by Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors join previous backers such as Polygon founder Sandeep Nailwal, Greylock, Foundation Capital and GSR.
The new capital injection will support Ava Protocol's development of an intent-focused, event-driven AVS Eigenlayer developed to support autonomous private transactions in and beyond. This summer, the main goal is to launch its protocols such as EigenLayer AVS and parachain, in addition to introducing the AP token.
Ava Protocol employs a novel technical model that automates the transaction process and supports all blockchain networks by autonomously connecting them along the chain. This is achieved through a two-stage operation: “trigger” and “execute.”
The team is refining its test network and expanding its capacity. Currently, over ten thousand unique wallets use the Ava Protocol testnet and perform over a thousand automated transactions daily.
“We are grateful to our seed and seed+ investors for believing in our vision of bringing composable autonomous transactions to Web3 and for joining us on this journey. “We are confident that their faith will be rewarded as we move towards our mainnet and onboard more ecosystem partners who will provide real proof of the efficiency that Ava Protocol super transactions introduce for payments and smart contract data,” said the founder of AvaProtocol. Chris Li.
“With the support of our initial investors, we are all set to onboard additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS,” said Sam Shev, Chief Marketing Officer at Ava Protocol. “We are excited to discover the many ways builders are leveraging this technology to unlock new use cases spanning DeFi, gaming, insurance, automated trading, and much more.”
The funds will support the Ava Protocol's goal of developing a core Web3 infrastructure for private autonomous intent-based transactions. The protocol enables the automation of cross-chain smart contracts, allowing contracts to be activated when predefined conditions are met based on variables such as time, price, or calculation.
The Ava Protocol supports automated, recurring “super transactions” for Ethereum without the need for custom code. This helps reduce time to market for Web3 applications and offers private automation for any transaction or smart contract function. As a result, developers can focus on core competencies while accessing one-click transaction simplicity comparable to Stripe payment processing.
More than 30 ecosystem partners have already committed to developing dapps that use the Ava Protocol private payment technology. There are also product partnerships with Polkadot, Moonbeam and Astar.
