Polymer Labs, a startup specializing in L2 solutions and interoperability, successfully raised $23 million in funding through a Series A round, which was led by Blockchain Capital, Maven 11, and Distributed Global.
Other notable investors in the round include Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.
The project’s valuation has not been disclosed. In a previous round of funding in March 2022, Polymer Labs secured $3.6 million in seed funding.
The company’s main goal is to create an “interoperability hub” by combining the Ethereum network and its rollups with other blockchains, resulting in a “Next Generation Internet.”
While the platform infrastructure is still being developed, the testnet launch is expected to take place in March. According to the developers, existing L2 networks and cross-chain bridges are widely used but are susceptible to hacking.
By using Polymer Labs’ solutions, different protocols can seamlessly interact with each other without introducing new trust assumptions, ultimately enhancing the capabilities of various blockchains.