ChainSafe, a provider of blockchain infrastructure, has raised $18.8 million in a Series A round that was oversubscribed and was headed by the Canadian venture capital firm Round13.
According to a press statement from the startup, ConsenSys, HashKey Capital, NGC Ventures, and Digital Finance are among the additional investors in the round.
At a Toronto Ethereum meetup in 2017, while the blockchain industry was still in its infancy and in need of stronger developer tools, Aidman Hyman and Hatcher Lipton co-founded ChainSafe.
According to Hyman in an interview with The Block, “Bitcoin wasn’t necessarily the thing that excited us.” He continued, “They were drawn to Ethereum because it may enable a new kind of digital relationship.”
Since its early Ethereum days, the five-year-old business has developed into a full-fledged multi-chain research and development studio with a focus on developer tooling.
The majority of ChainSafe’s projects work with various chains. Web3.untity, an SDK for integrating blockchain technologies into Unity games, and cross-chain bridge solutions are recent initiatives.
However, it is still perhaps well-known for its part in the Ethereum ecosystem. Lodestar, a consensus client for implementing Ethereum’s proof-of-stake mechanism that was crucial to The Merge, is one of the company’s projects.
As per Hyman, when trying to design developer tools for blockchain technologies, the team adopts a “technical objectivity” approach. They decide to construct using technologies they believe will still be in use in 20, 50, or even 100 years.