Blockchain startup Saga has secured a $5 million seed extension round led by US VC Placeholder, marking a significant milestone in its mission to transform blockchain architecture. The round also saw participation from prominent investors including Longhash Ventures, Dispersion Capital, Red Beard Ventures, Tykhe Ventures, Com2uS, and AVID3. With this new funding, Saga’s total raised capital now stands at $13.5 million.
What sets Saga apart is its forward-thinking approach to blockchain architectures. According to Chris Burniske, co-founder of Placeholder, the future of blockchain will resemble cloud architectures, and Saga is purpose-built to pave the way for this transformation. By offering on-demand blockspace provisioning and cutting-edge validator orchestration, Saga enables a horizontal, scale-out provision of blockspace, mirroring the cloud environments prevalent today.
While Saga prepares for its mainnet launch in early 2024, it has already forged crucial partnerships with other Layer 1 blockchains such as Polygon, Avalanche, and Celestia. Additionally, Saga boasts a vibrant ecosystem of approximately 300 developers who are actively building various applications on its infrastructure. While the platform supports a wide range of projects, it places particular emphasis on gaming applications.
Saga’s core offering is its concept of “chainlets.” These are integrated chains that are automated, high-performance, gasless, interoperable, and customizable. Developers can leverage chainlets to scale their applications across multiple chains and seamlessly interact with them, all while benefiting from fast transaction finality. This infrastructure also allows for easy bridging to other blockchains, facilitating broader adoption and accessibility.
Rebecca Liao, CEO of Saga, expressed her excitement about the recent funding round and the support of Placeholder and other investors. She emphasized that this investment will help Saga empower and accelerate the development of consumer applications through their Integrated Stack. This user-friendly framework has been eagerly awaited by developers seeking to create products with mass appeal.
To learn more about Saga and its innovative blockchain solutions, visit the official Saga website.
Frequently Asked Questions (FAQ)
What is Saga?
Saga is a blockchain startup that focuses on revolutionizing blockchain architecture and providing innovative solutions for developers. Its integrated stack of chainlets enables seamless interaction and scalability across multiple chains.
Who led the recent seed extension round for Saga?
The $5 million seed extension round was led by US VC Placeholder, a prominent venture capital firm founded by blockchain veterans Joel Monegro and Chris Burniske.
Which other investors participated in Saga’s seed extension round?
Besides Placeholder, other notable participants in the round included Longhash Ventures, Dispersion Capital, Red Beard Ventures, Tykhe Ventures, Com2uS, and AVID3.
When is Saga planning to launch its mainnet?
Saga is expected to launch its mainnet in early 2024, marking a significant milestone in the company’s development and expansion.
What type of applications is Saga particularly focused on?
While Saga supports a variety of projects, it has a strong focus on fostering the development of gaming applications within its ecosystem.
How can developers benefit from Saga’s infrastructure?
Developers can leverage Saga’s chainlets, which provide automated, high-performance, gasless, interoperable, and customizable chains. By utilizing chainlets, developers can scale their applications across multiple chains and easily bridge to other blockchains, facilitating broader adoption and accessibility.