San Francisco-based blockchain developer Movement Labs has successfully raised $38 million in a Series A funding round, with Polychain Capital spearheading the investment.
The funding infusion is earmarked to bolster Movement Labs’ mission of integrating Facebook’s Move Virtual Machine into Ethereum (ETH), aiming to mitigate vulnerabilities in smart contracts and enhance transaction speed, as per the company’s statement.
The Series A round garnered significant interest from prominent venture capital firms, including Hack VC, Placeholder, Figment Capital, Bankless Ventures, OKX Ventures, and Aptos Labs, among others.
Movement Labs underscores the critical need for its Move-EVM product, citing losses exceeding $5.4 billion incurred by the Ethereum ecosystem between 2022 and 2023 due to smart contract exploits. Move-EVM is poised to thwart such attacks by enabling developers to deploy code undergoing real-time verification, effectively blocking attack vectors like reentrancy.
Move, a Rust-based programming language developed by Facebook for its Diem blockchain crypto payment project (discontinued in 2022), serves as the foundation for Movement Labs’ endeavors. Move is versatile, platform-agnostic, and provides a secure framework for crafting smart contracts utilized in cryptocurrencies, non-fungible tokens (NFTs), and decentralized applications (dApps).
Movement Labs has been actively promoting Move since securing a $3.4 million pre-seed round in September 2023. Notable contributors to the pre-seed funding included Varys Capital, the Avalanche Fund by Blizzard, dao5, Borderless Capital, and key players within the Wormhole developer ecosystem. Angel investors such as Chandler Song, Ryan Fang, Stanley Wu from Ankr, George Lampeth from dao5, and Calvin Liu from Eigenlayer also participated.
The pre-seed funding facilitated the introduction of the Movement SDK, aimed at streamlining the creation of secure and high-performing Move environments for established blockchains. Additionally, Movement Labs recently partnered with Covalent (CQT), a multichain indexer, to integrate real-time data indexing and deployment tools into the Movement ecosystem, including Covalent’s Unified API and GoldRush Kit. These collaborations are poised to enhance user experience and accessibility within the Movement Labs ecosystem, further solidifying its position in the blockchain development landscape.
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