Profit Pulse: Crypto Chemistry

This week’s highlight covers Analog’s $16M raise, which the company will use to continue building all the necessary features for cross-chain development into a single toolkit.

Table of Contents

• Profit Pulse: Crypto

  • Deal of the Week: Analog’s $16M Series A

  • Weekly Deal Flow Takeaways

    • Private Fundraises

    • M&A

Deal of the Week: Analog’s $16M Series A

• Analog’s $16M Round

  • Founded: 2021

  • Team Size: 30 employees

  • Location: San Francisco

  • Chains: Multichain

Problem: DApp users want to interact with any application or asset, on any blockchain, via a one-click user experience.

Solution: The center of Analog is the Timechain, a blockchain powered by a novel proof-of-time (PoT) consensus protocol that enables any message to pass between any L1 or L2. Software is built on top of the Timechain to allow DApp developers to extract maximum value from the Timechain.

Core Differentiation: From the Analog Timepaper: “The core of the platform’s interoperability feature is a generic message passing (GMP) protocol. The GMP protocol sits atop the permissionless network of time nodes which provides routing and validation services. The GMP functionality fundamentally changes how DApps in a multi-chain ecosystem are built and used.”

Upcoming roadmap items:

• Q1 2024: Timechain block explorer and testnet public release

• Q2 2024: Timechain mainnet launch

Weekly Deal Flow Takeaways

Fundraises: 6 deals; $58.4M identified
M&a: 2 deals; terms undisclosed

Private Fundraises

Analog, a web3 interoperability network, raised $16M in a round led by Tribe Capital with participation from NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Mike Novogratz’s Samara Asset Group, Balaji Srinivasan and others

Lava Network, a modular blockchain network focused on providing data access through remote procedure calls (RPCs) and indexing, raised $15M in a round led by Jump Capital, Hashkey Capital, and Tribe Capital with participation from North Island Ventures, Dispersion Capital, Alliance DAO, Node Capital, Finality Capital Partners, and others.

Architect, a crypto trading infrastructure start-up planning to launch a derivatives brokerage, raised $12M in a round led by Blocktower and Tioga Capital, with participation from CMT Digital, Parafi Capital, a_capital, and Twelve Below.

Fordefi, a wallet-as-a-service startup, raised $10M in a round led by Electric Capital, with participation from Paxos, and Alchemy.

Witness, a crypto infrastructure startup focused on verifiable ownership, raised $3.5M in a round led by Haun Ventures. Other investors in the round included Coinbase Ventures and a number of angel investors.

Watches.io, a tracking and trading ecosystem for watches, raised $1.9M in a round led by Lemniscap, with participation from Big Brain Holdings, and Marin Ventures.

M&A

Ripple announced plans to acquire digital asset platform Standard Custody to enhance its regulatory tools portfolio with US-based trust licenses. Financial terms were undisclosed.

Klaytn and Finschia, two L1 blockchains, which are backed by major Asian internet companies, merged together with plans for a new native token and a unified foundation based in Abu Dhabi.

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