Ethereum Scaling Startup AltLayer Closes $7.2 Million Seed Round Led by Polychain Capital and Others

AltLayer, an Ethereum scaling startup that will offer application-specific chains, has raised $7.2 million in a seed funding round. Polychain Capital, Jump Crypto and Breyer Capital co-led the round. Other investors in the round included Gavin Wood, Ethereum co-founder and Polkadot founder; Balaji Srinivasan, a former Coinbase CTO and a former a16z general partner; Sean Neville, co-founder of Circle; and Kain Warwick and Jordan Momtazi, co-founders of Synthetix and Bodhi Ventures. It is said that the round was raised via a simple agreement for future tokens (SAFT) sale. AltLayer is being built by Yaoqi Jia, who previously co-founded the Zilliqa blockchain and served its CTO. AltLayer will provide application-specific chains.