Hemi Labs, a Chicago, IL-based developer of Web3 infrastructure, raised $15M in funding.
The round was led by Binance Labs, Breyer Capital, and Big Brain Holdings with participation from Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital, Cypher Capital, SNZ Holding, C6E, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Jihan Wu (Bitdeer), George Burke (Portal), Sonny Singh (Beluga), amongst others.
The company intends to use the funds to expand operations and its development efforts.
Founded by Jeff Garzik and Max Sanchez, Hemi Network is a modular blockchain powered by Bitcoin and Ethereum that features scaling, security, and interoperability. Hemi’s core features include:
Asset Programmability: Features include on-chain routing, time-lock, password protection, and gasless transfers, enabling seamless asset movement without requiring native chain currency.
Hemi Virtual Machine (hVM): Integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM), allowing developers to use familiar tools to build smart contracts that work with both Bitcoin and Ethereum, while maintaining full backwards-compatibility with existing EVM dApps and wallets.
Bitcoin Programmability: The Hemi Bitcoin Kit (hBK) unlocks direct smart contract access to granular Bitcoin state, enabling truly trustless Bitcoin-native applications like staking, lending markets, and MEV marketplaces, which were previously impractical.
Superfinality: Hemi’s Proof-of-Proof (PoP) consensus inherits Bitcoin’s full security in an entirely decentralized and permissionless manner, and efficiently provides Bitcoin-security-as-a-Service to other blockchain networks.
Trustless Cross-Chain Portability: Hemi’s Tunnels provide a secure way to move assets between chains, vastly improving upon traditional bridge methods.
FinSMEs
19/09/2024