Blockchain startup Skale Labs raised nearly $10 million in an effort to develop a blockchain scalability infrastructure for ethereum, the company announced Thursday.
The startup says in a press statement that it raised $8.86 million in a Simple Agreement for Future Tokens (SAFT) sale led by Multicoin Capital, on top of $785,000 raised earlier this year.
Galaxy Digital, Aspect Ventures, Blockchange Ventures, Boost.VC, Canaan Venture Partners, Floodgate Fund, Hack.VC, Neo Global Capital and Signia Venture Partners also participated in the sale.
The company intends to launch an open-source permissionless blockchain targeted toward providing ethereum-based decentralized application (dapp) developers a new base platform to build upon.
In particular, Skale intends to launch the first implementation of the Ethereum Virtual Machine on a Plasma chain – a move it says would help dapp developers by giving them a layer-2 platform on which to execute smart contracts.
Using Skale’s network will enable dapps to conduct “millions of transactions per second at a fraction of the cost of what’s possible today,” the release claims.
Jack O’Holleran, co-founder and CEO of Skale Labs, said in a statement that “helping Ethereum dapp developers scale applications is the center of what we do.”