Composable Finance announces that it raised $32 Million in Series A financing. Notable investors were part of the round. Tendermint Ventures (GSR), Fundamental Labs (Coinbase Ventures), LongHash Ventures (3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 24, 26, 27, 28, 30, 31, 32, 34, 36, 37, 38, 41, 47, 51, 54, 55, 48, 51, 55, Figment VC), New Form Capital and Blockchain Capital. Yunt Capital Jump Capital Polytope Capital. NGC Ventures. SOSV. Spartan Group.
This latest round of funding marks another step in Composable’s journey to build and launch what it believes to be the final missing “LEGO” building block in the Web3 and DeFi technical stack: cross-chain composability. Composable says that, despite being an important characteristic of DeFi or Web3, composability can only be achieved through the use of isolated chains and layers. To that end, Composable Finance is among the first to develop a development and execution environment that aims to deploy orchestration logic that allows for ecosystem – agnostic, cross-blockchain communication in a truly decentralized fashion.
After the purchase of two Parachains on Polkadot, (Composable Parachain), and Kusama (Picasso Parachain), this fundraise was successful. Composable has also built out its offering with Mosaic, its transfer-availability layer, Centauri, the IBC Substrate bridge to the Cosmos ecosystem, and Pablo, our next generation decentralized exchange on Picasso. This new capital will help to grow the company and create products that further push the Web3 and blockchain industry along the continuum. Futuristic capabilities like cross-chain computing, with smart contracts that span multiple ecosystems, and developers that spin up protocols that securely handle institutional throughput, are a reality through Composable’s cross-chain virtual machine (XCVM) and Routing Layer.
Both sit on our new Composable Parachain, which benefits from Polkadot’s shared security and scale. Composable thinks it is possible to achieve absolute blockchain agnosticism by standardizing DeFi access, allowing developers and users maximum accessibility, and optimizing function across different ecosystems.
Investors at Figment expressed their satisfaction by the following: “We are excited to partner with the team at Composable Finance. The team have built incredible projects over the course of this partnership at an especially impressive rate. We believe the launch of their parachains on Polkadot and Kusama as well as their building a suite of cross-chain DeFi applications, will ultimately lead to greater user adoption of these ecosystems.”
Rob Zhuang, Head of Operations, connects product, design, and development to optimize the team’s performance. Composable will be able to strengthen its top-notch team with the help of this new round, according to Zhuang. “Effectively harnessing the talent, we have to build a world-class team that can execute and solve DeFi’s pressing challenges has been core to what we do at Composable. I am excited for what lies ahead as we empower our team to define the future of DeFi.”
Zain Awan, Composable’s Chief Marketing Officer (CMO), acknowledges the significance of this event in scaling their processes and easing adoption barriers: “One of our core strategies has been to lower the barrier of entry into DeFi through effective communication, education, and much-needed thought-leadership in the space. Our recent increase will allow us to scale up our efforts to address knowledge gaps and reduce adoption barriers. We are aware of the importance of DeFi. Ultimately, this should help us solidify Composable as the face of DeFi’s future.”
Karel Kubat, Composable’s Chief Technical Officer (CTO), brings to light the importance of attracting the best technical talent in order to develop cutting-edge solutions in the DeFi space: “The blockchain and broader Web3 space remain at a point of inception. The first blockchain was created in 2010. It’s been almost a decade. Even though the learning curves to use the technology are steep, there is still a lot of innovation. Our Series A reflects the industry’s need to solve the problem of interoperability and its related challenges. Composable will attract the best technical talent most interested in tackling challenges at the forefront of DeFi and help build the future we all want through our technology stack.”
0xbrainjar, Composable’s Founder and Head of Product, spearheads the development of Composable’s novel innovations. He has deep experience in blockchain and an understanding of the DeFi sector’s challenges. He shared his thoughts: “Our vision of absolute ecosystem agnosticism necessitates a radical approach. Functions must be interconnected across ecosystems so they don’t become isolated in individual places. We have created interoperable solutions in less than one year that remove the challenges of this industry and allow any developer to work with confidence. We are grateful for the support we received from our investors and partners. If you’re interested in building a cross-chain future that DeFi needs to scale, we are happy to have you join our ever-growing team.”
Composable Finance team is eager to capitalize on its recent investment in order to build its team and keep engineering innovative interoperability solution for the industry.