Ava Labs Raises $350 Million at $5 Billion Valuation

Ava Labs is a company provider of a next-generation blockchain platform with security, decentralization, flexibility, and scalability. The start-up makes using blockchain technology in launching finance applications easier. The aim is to enable people to build a democratic, simple, and open internet of finance.

The funding round investors’ list is not disclosed. However, among previous backers were Andreessen Horowitz, Polychain, and Three Arrows Capital. The money from the previous round was used for DeFi, NFT, and other new asset classes’ growth acceleration.

Ava Labs, New York, the USA, was founded by Emin Gün Sirer and Maofan Ted Yin in 2018. Emin Gun Sirer is a Chief Executive Officer, and previously a computer science professor at Cornell University. As of now, the company has 170 employees. Approximately 250 apps are running on Avalanche, mostly they are finance or gaming. Ava Labs established the Avalanche Foundation with an incentive program that would put 4 million AVAX tokens into a program – Avalanche Multiverse. The program is launched to grow its “subnet” functionality that will help to develop application-specific blockchains on Avalanche. “Avalanche can manage as many as 4,500 per second. Avalanche also requires less electricity,” Ava Labs says.

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