Mysten Labs is a web3 infrastructure company and developer of Sui, a high-performance Layer 1 blockchain. Launched in 2021 by former Meta Novi Research executives and lead architects of Diem and the Move language, Sui uses an object-centric data model and parallelizable agreements to enable high throughput and low-cost transactions. The protocol is horizontally scalable for throughput and storage, targeting creators and developers across gaming, social media, and finance. Sui offers instant settlement speeds, rich on-chain assets, and a developer-friendly environment aimed at onboarding the next billion web3 users. Mysten plans to use new capital to build core infrastructure, accelerate Sui ecosystem adoption, and expand hiring with an emphasis on the Asia-Pacific region. Following the Series B initial close the company is valued at more than $2 billion. Mysten Labs develops foundational infrastructure to accelerate web3 adoption, aiming to enable other crypto and blockchain companies to deliver technologies more efficiently. The company was founded this year by four former Facebook engineers who worked on the Diem blockchain architecture and Novi wallet. Mysten has partnered with Sommelier to increase liquidity transaction speeds and to help launch smart contract applications on the Cosmos blockchain. Rather than charging for services, Mysten plans to hold tokens for the blockchains it works with and to take network shares in return, hoping to profit as token values grow. The startup says the fresh capital will be used to build infrastructure technology to support partner networks. Mysten has attracted interest from Silicon Valley investors and recently raised new funding to pursue its roadmap.

Total raised

$336M

Funding rounds

2

Latest round

Series B

Latest activity

Sep 2022