Blockchain firm Artela has announced it recently garnered more than $6 million in new funding. Among the companies to participate in the round and donate their cash are Seven X Ventures, Dispersion Capital, Amino Capital, Big Brain Holdings, and A&T Capital. The round was led by Shima Capital.
Artela Seeks to Build Atop Its Network
Founder and CEO Of Artela Jerry Li mentioned in a statement:
The seed round marks an important step for Artela, enabling us to fuel Artela’s technology development, grow the team, and drive market expansion efforts. We’re excited to onboard a diverse, yet like-minded investor base, which [will help] build a solid foundation for future growth.
Yida Gao – founder and managing general partner of Shima Capital – also threw his two cents into the mix, commenting:
With Artela, it is possible to achieve effects that are similar to those of a conventional, full-featured operating system, enabling more comprehensive and advanced tasks that are not possible with existing blockchains. Shima supports strong, innovative founders, and we’re proud to be on this journey with Artela.
Artela is currently working to produce a base-layer blockchain network that will meet the growing demand it’s witnessed for largescale, decentralized applications. The company currently works to allow developers to build extensions atop its blockchain base layer through a modular process. This enables more on-chain programmability, thus opening a window to faster innovation and higher creativity.
Some of the world’s biggest blockchain systems have made similar moves in the past, the most prominent being Ethereum. Over the past year or so, the ETH network has undergone two major blockchain upgrades. The first was called the Merge, and it occurred in September of last year. The second, known as Shapella, took place in March of 2023.
Prior to those updates, the Ethereum network – which has long been the most popular amongst developers – was experiencing high fees and slow speeds thanks to growing interest and blockchain traffic. However, with these two updates now in its record books, Ethereum has managed to shift from a proof of work module to proof of stake, thus allowing the network to enjoy faster speeds, less costly fees, and a stronger network that shells out less harm to the environment.
Another network to endure similar changes is bitcoin, which has employed something called the Lightning Network for some time. Lightning works to take small transactions off chain, thus permitting the bitcoin network to move at a more formidable speed and endure lesser congestion.
Making Web3 Stronger
Artela’s primary goal is to make blockchain mainstream and to enable crypto developers to build the strongest dapps in the world.
Shima Capital was founded two years ago in 2021 and seeks to help hire talent, build on technical research, and aid the development of web3.