Initia operates a Layer 1 network designed to give disparate app chains programming compatibility while allowing projects to tweak execution environments for performance and security. The company supports multiple blockchain execution environments (including projects using the Move language) and currently has eight projects testing on its platform. Initia’s testnet recorded over 125 million transactions and nearly three million unique wallets, and the team is gearing up for a mainnet launch within the next two months. The founders, Ezaan Mangalji (Zon) and Stan Liu, emphasize developer relations and smoother UX—for example, enabling prediction markets to accept any cryptocurrency and wallet. Financially, Initia has raised a total of $22.5 million to date and recently closed a $14 million Series A that assigns a $350 million token valuation. The company is positioning tokens as a way to bootstrap open-source development and ecosystem participation. Initia provides a Layer 1 network designed to make app-specific blockchains (app chains) easier to build and operate by enabling a system of scalable L2 rollups. The platform uses the Cosmos SDK underneath to give rollups full flexibility while abstracting technical complexity for developers and end users. Initia aims to reduce fragmentation by making assets fungible across multichain environments, avoiding multiple chain-specific versions of the same token. The founders position the product as a middle ground that addresses limitations of roll-ups and the operational burden of running independent Cosmos chains. The company is headquartered in Singapore and operates a team of about 20 people distributed globally. Initia plans to use its new funding to grow its ecosystem, further develop its chain and platform, support Layer 2 applications, and work on its testnet launch.

Total raised

$22M

Funding rounds

2

Latest round

Series A

Latest activity

Sep 2024