Nischal Shetty-founded Shardeum raises $5.4M in a funding round

Nischal Shetty-founded Shardeum, an EVM-based layer-1 blockchain deploying dynamic state sharding, has raised $5.4 million in a funding round led by Amber Group, Galxe, J17 Capital, JSquare, and TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and other investors.  

The startup said it plans to use the raised funding to further support the growth of its ecosystem in the lead-up to the mainnet launch later this year. 

Founded in 2022, Shardeum is a highly-scalable EVM-based layer-1 blockchain deploying dynamic state sharding to keep gas fees low and transactions per second high as participation grows.

The startup claims to have witnessed over 7.4 million transactions on the testnet, with 820,000+ accounts and over 230,000 deployed contracts as of 7th July 2023.

“The completion of this strategic raise from key participants puts Shardeum in position to expand on our mission to cultivate a global and diverse community. Given Shardeum’s consensus design and use of dynamic state sharding, validator participation is highly accessible regardless of user access to computing resources,” said Kelsey McGuire, Chief Growth Officer at Shardeum. “This raise allows us to continue to prioritize decentralization by growing our community of participants worldwide through education and other key initiatives.”

Prior to this round, Shardeum raised $5.4 million in October 2022 from investors, including Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, Foresight Ventures. 

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