Root Protocol, a NYC-based venture capital firm, closed $10M across two rounds, bringing the total valuation of the project to $100M.
The rounds were led by Animoca Brands with contributions from Shima Capital, DFG Group, Signum Capital, Ankr Network, Digital Strategies, CMS Holdings, Double Peak, GenBlock Capital, Cypher Capital and Basics Capital. New investors announced are Dao5 and Gate Labs Ventures.
Led by CEO and Co-Founder Dylan Dewdney, the company intends to use the funds to build an operating system with the composition of an intent-centric aggregator of digital identity, social network, and more, to enable unified access to Web3. It consists of four main components, including the Root Operation Executor, Root Chain (Rollup), Root Account, and Root Indexer, all of which operate together to facilitate effortless interoperability, scalability, and composability.
The founding team members, collaborators and advisors of Root Protocol are from Consensys, Bankless Ventures, Ontology, Polygon, CoinShares, Morgan Stanley, DCG, Stanford University and MIT, and are a group of longtime crypto and Web3 builders and enthusiasts. Highlighted Advisors and Angels include Meltem Demirors, Evin McMullen, Ben Lakoff, and Tekin Salimi.
Root Protocol’s B2C product, Isme.is, has almost 500,000 unique and human readable .isme (e.g. satoshi.isme) DID accounts claimed and over 250,000 verified (via social linkages) DID accounts active.
FinSMEs
24/01/2024