Shima Capital Announces Its Investment In Web3 Infrastructure Startup Orb Labs
Mar 9, 2023
A renowned San Francisco-based venture capital firm announces its investment in Orb Labs - a blockchain interoperability and application developer based in New York City.
San Juan, Puerto Rico - March 9, 2023 /PressCable/ —
Shima Capital's latest move affirms its commitment to supporting disruptive cryptocurrency startups and cutting-edge blockchain technologies. Thanks to the firm's investment, Orb Labs has completed a seed round raise of $4.5 million to develop its Web3 infrastructure and cross-chain token and messaging protocols.
More details can be found at https://shima.capital/investments
The announcement outlines the innovations that lie at the heart of the Orb Labs project and why Shima Capital is proud to support the company's interactive multi-chain initiatives. Led by Bain Capital Crypto, the seed round also drew investment from SevenX Ventures, Avels Lair, Newman Capital, 6th Man Ventures, and Modular Capital.
Orb Labs was founded in 2022 by Richard Adjei and Felix Madutsa - two Princeton University classmates. The pair's expertise in software engineering coupled with a longstanding interest in cryptocurrency has culminated in the company's new interoperability protocols which offer an alternative to existing products that have proved expensive, slow, and fail to provide adequate security for users.
Shima Capital's investment will support the ongoing development of Orb Labs' Earlybird - a cross-chain messaging protocol. This protocol offers industry-leading versatility and allows developers to choose security models based on speed, cost, and use-case suitability.
Gao adds, “Multi-chain infrastructure and interoperability are essential for the widespread adoption of Web3. To address this demand, we need flagship protocols that will attract users and foster a thriving community.”
In addition to Earlybird, Orb Labs is also developing MagicLane - a secure omni-chain token and messaging platform which provides a shared security model for developers. MagicLane offers cross-chain operability on a single contract and allows developers to build exchanges that are cheaper to use. An article by Business Insider points out that this same cost efficiency can be applied to lending and yield-farming protocols.
About Shima Capital
The company was founded in 2021 by veteran investor Yida Gao to provide early-stage investment to nascent but promising Web3 development projects. Gao and his team assist in the acquisition of engineering talent, support community building, and help to accelerate the development of technical research. More information can be found at https://medium.com/@ShimaCapital
Via its investment in Orb Labs, Shima Capital is enabling developers to build innovative products that have not been possible before.
For more information, go to https://shima.capital
Contact Info:
Name: Serry O
Email: Send Email
Organization: YIda Gao
Address: 404 Avenida de la Constitución 1507 , San Juan, San Juan 00901, Puerto Rico
Website: https://shima.capital/
Source: PressCable
Release ID: 89091692
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