Sovereign Labs Raises $7.4M in Round Led by Haun Ventures

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Katie Haun, a former federal prosecutor and fellow venture capitalist Andreessen Horowitz, unveiled her highly successful crypto-focused fund in 2022. Now, her $1.5 billion outfit has announced its latest investment.

On Monday, he announced a $7.4 million first round of funding for Sovereign Labs, a startup that hopes to make blockchain applications faster and more efficient.

“Our mission is to get the rest of the world into crypto,” Cem zer, CEO and co-founder of Sovereign Labs, said in a statement.

He and Preston Evans, the other co-founder and CTO, are building a development interface that helps programmers produce blockchain applications faster that run on zero-knowledge proofs, a form of cryptography used to reduce labor and cost. time taken to verify blockchain transactions.

Their plan may seem less flashy than another NFT drop or the unveiling of a new crypto exchange, but in the wake of FTX’s collapse, blockchain infrastructure is once again attracting the attention of wary investors. to overhyped, headline-grabbing startups. “Crypto bear markets are particularly attractive times to build infrastructure projects,” Haun Ventures partner Chris Ahn told Fortune.

Haun’s investment in Sovereign Labs follows other recently announced cash injections into companies focused on the underlying Web3 technology. Blockstream, a crypto-mining and infrastructure company, announced last week that it had raised $125 million to expand its operations. And QuickNode, another crypto infrastructure company, announced a $60 million injection the same day, bringing its estimated valuation to $800 million.

While Sovereign Labs’ cycle may pale in comparison to these, the influx of cash, Evans told Fortune, will allow the company to expand beyond three employees, including the co-founders and to work to complete a prototype of its development kit in the coming months.

With zero-knowledge proofs, a cell phone can easily validate the work of an entire data center. But zero-knowledge construction has always only been accessible to a few cryptography PhDs, Evans added. At Sovereign Labs, we were building tools accessible to normal developers.”

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Ahn of Haun Ventures agreed. Building a scalable network without sacrificing decentralization is one of the biggest opportunities in crypto, he said. Zero knowledge is likely to be the technology that helps us achieve this goal.

This story was originally featured on Fortune.com

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