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Ava Protocol Raises $10M After Securing Additional $4.5M in Seed+ Funding

Ava Protocol, formerly known as OAK Network, has announced the completion of $10M in seed funding, comprising an initial $5.5M round and a subsequent $4.5M seed+ round. Funds will support Ava Protocol’s development of an intent-centric, event-driven Eigenlayer AVS to power private autonomous transactions for Ethereum and beyond.

Lead investors in the recent seed+ round include Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. They join earlier seed investors such as Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.

Chris Li, Founder of Ava Protocol, said: “We’re grateful to our seed and seed+ investors for believing in our vision of bringing composable autonomous transactions to web3 and for accompanying us on this journey. We’re confident that their faith will be rewarded as we move towards our mainnet and onboard more ecosystem partners who will provide real-world proof of the efficiency that Ava Protocol’s super-transactions introduce for payment and smart contract data.”

Ava Protocol Head of Marketing Sam Shev added: “With the support of our seed investors, everything is in place to onboard additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS. We’re looking forward to discovering the many ways in which builders harness this technology to unlock new use cases spanning DeFi, gaming, insurance, automated trading, and much more.”

Jerry Chen of Greylock, which participated in the seed round, said: “We were impressed with Ava Protocol’s solution for elevating blockchain payments from simple one-time events to sophisticated streams that can accommodate a wide range of use cases while eliminating complexity from the perspective of dapp developers. There’s a myriad of practical applications for Ava Protocol’s payment technology and we look forward to seeing it transform sectors such as DeFi, NFTs, and RWAs.”

Funding will support Ava Protocol’s goal of developing core web3 infrastructure for intent-based private autonomous transactions. Ava Protocol enables cross-chain smart contract automation, allowing contracts to be triggered when predefined conditions are met based on variables such as time, price, or computation. This has a wealth of practical applications, from executing limit orders on decentralized exchanges to rebasing elastic supply tokens.

Development of Ava Protocol is continuing apace as its team works on refining its testnet and expanding its capacity. Over 10,000 unique wallets are currently using the Ava Protocol testnet, while 1,000+ automated transactions are being conducted daily.

Ava Protocol will support recurring and automated “super-transactions” for Ethereum with no custom code required. This will reduce the time to market for web3 applications and deliver private automation for any transaction or smart contract function. As a result, developers can focus on core competencies while accessing one-click transaction simplicity on par with Stripe’s payment processing.

More than 30 ecosystem partners have already committed to developing dapps that utilize Ava Protocol’s private payment technology. Product partnerships with Polkadot, Moonbeam, and Astar are also in place, providing a solid foundation for driving the adoption of Ava Protocol’s autonomous transactions.

About Ava Protocol

Ava Protocol provides web3 infrastructure to support cross-chain automation. Its innovative technology enables composable autonomous transactions, allowing developers to rapidly deploy powerful dapps. Ava Protocol empowers web3 builders to conveniently create solutions that maximize efficiency and ease of use.

For further information on Ava Protocol, follow the official blog, Twitter, LinkedIn, and Discord. Interested parties should also check out engineering and product growth roles that are currently open with Ava Protocol.