SKALE operates an elastic, proof-of-stake blockchain network designed to give dapps high throughput and low transaction costs. The company launched a testnet last year and established the NODE Foundation earlier this year. SKALE says the network will enable dapps to conduct “millions of transactions per second at a fraction of the cost of what’s possible today.” There are currently 23 dapps on the platform and a roughly 20-person engineering team; the company plans to add more engineers. The recent funding will be used to launch the mainnet, seed and stabilize the network, and increase security. Founders include Stan Kladko, Ph.D. and Jack O’Holleran. Skale Labs is building a permissionless, layer-2 blockchain aimed at giving Ethereum decentralized application developers a new base platform. The company intends to run the first implementation of the Ethereum Virtual Machine on a Plasma chain to enable smart-contract execution off mainnet. Skale says its network will allow dapps to conduct "millions of transactions per second at a fraction of the cost" of current options. The project plans to launch a testnet by the end of 2018 and activate mainnet in the following year. Skale also intends to create a foundation to support the network similar to the Ethereum Foundation. The recent fundraising will support development of this scalability infrastructure.

Total raised

$26M

Funding rounds

2

Latest round

Equity

Latest activity

Oct 2019