- a16z invests in Mysten labs co-founded by four ex-meta employees.
- The firm raised $36M with participation from Coinbase Ventures, Slow Ventures, Redpoint, Lightspeed, etc.
- The funds will be used to build Web3 infrastructure technology and to launch an NFT platform for Metaverse.
Mysten labs, a Web3 development firm formed by four ex-meta employees, announced the raise of $36M in a Series A funding round led by Andreessen Horowitz (a16z).
According to the blog post, the Series A round saw participation from Coinbase Ventures, Slow Ventures, Redpoint, Lightspeed, Hack VC, Samsung NEXT, Electric Capital, Standard Crypto, NFX, Scribble Ventures, Lux Capital, Bienville, Finality Capital, Elad Gil, etc.
The newly raised funds will be used to build Web 3 infrastructure technology to allow other crypto and blockchain-based companies to provide technologies.
a16z stated, “Fully unlocking the potential of web3 will require solving for scalability and programmability, which is why we’re excited to invest in Mysten Labs.”
Along with that Mysten is working on a next-generation NFT platform for Metaverse that is set to launch in 2022. The firm will focus on the ownership and programmability model of NFTs in the Metaverse.
Mysten is focused on integrating Mysten technology onto existing networks and developing open protocols based on Mysten-designed components.
For example, the scalability-focused protocol Narwhal is being developed for use on the Celo and Sommelier networks.
Evan Cheng, CEO of Mysten Labs, led Novi Research, Meta’s crypto R&D division, where he worked with Mysten’s other co-founders Sam Blackshear, George Danezis, and Adeniyi Abiodun to create the Diem blockchain and Move programming language. They also worked to enable breakthroughs in blockchain usability, scalability, and security.
Cheng tweeted, “The new blockchain is built with a unique design the current ecosystem has not seen. Apart from the massive scalability, it has a new programming model that’s perfectly suited for NFTs. It enables dynamic NFTs which are composable and can change over time – leveling up, new powers.”
The report of four former Meta employees forming their own Web 3 firm comes about a week after the former head of Novi, David Marcus, announced his exit from Meta by the end of the year.