Mysten Labs is a web3 infrastructure company that aims to accelerate the adoption of web3 by creating foundational infrastructure. It is also a developer of the Sui Layer 1 blockchain, a decentralized, proof of stake blockchain, that enables developers and creators from social media to finance to build experiences that cater to the next billion users in web3.
The funding round Series B was led by FTX Ventures. Among other investors were a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures. The money raised will be used to power web3’s next wave of applications and accelerate the adoption of the Sui ecosystem.
Mysten Labs, San Francisco, USA, was founded by Emmanuel Abiodun, Evan Cheng, Sam Blackshear, Kostas Chalkias, and George Danezis in 2021. The company’s product, Sui, innovates in consensus algorithms and leverages novel data structures, as a result, increases the performance of Layer 1. “Current web3 infrastructure is in the dial-up era – it’s slow, expensive, capacity constrained, insecure, and simply hard to build for. With Sui, we are endeavoring to build a blockchain that scales with demand and incentivizes growth, eliminating middlemen, and enabling users across applications to seamlessly integrate and interact with their favorite products,” Evan Cheng, CEO of Mysten.