Ex-Meta Executives raise $300M to accelerate the adoption rate of Sui Blockchain

• Michael Willson
• May 03, 2024

Mysten Labs has raised a staggering amount of $300M. This is the company that is behind the layer-1 blockchain Sui, which is yet to launch. The company stated that the funds would help to build the core infrastructure and eventually accelerate the adoption of its blockchain ecosystem. 

Mysten Labs was founded by former executives who worked for Meta, the social media and tech giant, in 2021. In a recent announcement, the company stated that it was capable of securing $300M in a Series B funding round, which was led by FTX Ventures, the popular crypto exchange venture arm.

📢: Today, we're excited to announce our $300M Series B funding round. This milestone signals the technical strength & immense potential of our Sui ecosystem. #Suinami🌊 1/🧵 pic.twitter.com/wQ8WH1egyY

— Sui (@SuiNetwork) September 8, 2022

The company has created the Sui blockchain, which is primarily a proof-of-stake (PoS) layer-1 blockchain. It has a special feature called “transaction parallelization.” It helps the blockchain to achieve high throughput and transactions with low latency. 

It will also help reduce transaction fees to a considerable degree. This feature alone can make popular blockchains like Solana and Ethereum a run for their money.

Evan Cheng, the CEO, and co-founder of Mysten Labs stated that the latest funding would provide a much-needed boost to develop the technology, the hiring efforts of the company, and their plans to expand into the Asia-Pacific market..

Some other Series B investors included Coinbase Ventures, Andreessen Horowitz’s a16z, Jump Crypto, Circle Ventures, Andreessen Horowitz’s a16z, Binance Labs, and O’Leary Ventures, among other notable investors and partners. The new funding has led to the valuation of the company at over $2B.

The latest Series B funding points out a key fact that some VC investors remain undaunted by the crypto bear market. A recent report from Messari showed that a staggering amount of $30.3B was invested by VC firms during the first two quarters of 2022, which was more than the entire fundraising for the previous year.

If you want to keep up with the trends of blockchain industry, join our communities on Discord, Reddit and Telegram.