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Web 3.0 cross-chain infra project Router Protocol today announced it has raised $4.1 million in a strategic funding round led by US-based Coinbase Ventures, Woodstock Fund, QCP Capital, Alameda Research, De-Fi Capital, Polygon, Wintermute, Shima Capital, TeraSurge Capital, Maple Block, Wami Capital, Bison Fund, others.
Angel investors, including Polygon’s Sandeep Nailwal, Doordash’s Gokul Rajaram, and Aave’s Ajit Tripathi, also participated in the round.
Founded in 2020 by Ramani Ramachandran, Shubham Singh, Chandan Choudhury, and Priyeshu Garg, Router Protocol has been building cross-chain infrastructure that enables the communication between current and emerging Layer 1 and Layer 2 blockchain solutions.
The Singapore-headquartered has also announced partnerships with multiple protocols, including Polygon, Avalanche, Terra, Algorand, etc, and plans to launch its mainnet in the upcoming few weeks.
Prior to the current round, Router Protocol had raised $400,000 in a seed funding round in January 2021.
“Rapid growth of various blockchains means the need of the hour is the ability for these to talk to each other through bridges and other forms of connectivity,” said Router CEO Ramani Ramachandran. “Our unique selling point is that we can do EVM
According to a statement, The startup will use the raised funding to hire more developers and conduct security audits.
"We anticipate future Web 3.0 activity across several multi-purpose and application-specific blockchains. Router's XCLP will be an important cross-chain infrastructure solution enabling the flow of liquidity across chains. We are delighted to back and support the Router team in their efforts in this direction”, said Himanshu Yadav, CIO, Woodstock.
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