Ava Protocol, formerly known as OAK Network, has successfully closed a $10 million seed funding round. This funding comprises an initial round of $5.5 million followed by an additional $4.5 million in seed+ funding. The newly secured funds will be used to advance Ava Protocol’s mission of creating an intent-centric, event-driven Eigenlayer AVS to enable private autonomous transactions on Ethereum and other platforms.
The recent seed+ funding round saw participation from notable investors including Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors join an impressive list of earlier seed backers such as Sandeep Nailwal, the founder of Polygon, as well as Greylock, Foundation Capital, and GSR.
Founder of Ava Protocol, Chris Li, expressed appreciation towards the investors, stating, “We are thankful to our seed and seed+ investors for believing in our vision of bringing composable autonomous transactions to Web3. We are confident that their trust will be rewarded as we progress towards our mainnet launch and onboard more ecosystem partners who will demonstrate the efficiency introduced by Ava Protocol’s super-transactions for payment and smart contract data.”
Ava Protocol is dedicated to developing core Web3 infrastructure for intent-based private autonomous transactions. The platform enables cross-chain smart contract automation, allowing contracts to be executed based on predefined conditions such as time, price, or computation. This functionality has a wide range of applications, from executing limit orders on decentralized exchanges to rebasing elastic supply tokens.
Sam Shev, Head of Marketing at Ava Protocol, emphasized the significance of the seed investment, stating, “With the support of our seed investors, we are ready to onboard additional partners who will be the first to utilize Ava Protocol’s Eigenlayer AVS. We are excited to see how builders leverage this technology to unlock new use cases across DeFi, gaming, insurance, automated trading, and more.”
Jerry Chen of Greylock, an early seed round investor, praised Ava Protocol’s innovative approach, noting, “We were impressed with Ava Protocol’s solution for enhancing blockchain payments and simplifying complexity for dApp developers. The practical applications for Ava Protocol’s payment technology are vast, and we are eager to see it revolutionize sectors such as DeFi, NFTs, and RWAs.”
Ava Protocol has made significant progress with its testnet, boasting over 10,000 unique wallets and more than 1,000 automated transactions daily. This high level of activity on the testnet indicates strong interest and engagement from the Web3 community. Additionally, Ava Protocol’s technology enables recurring and automated “super-transactions” for Ethereum without the need for custom code, reducing time to market for Web3 applications.
The protocol has secured commitments from over 30 ecosystem partners developing dApps utilizing Ava Protocol’s private payment technology. Strategic partnerships with Polkadot, Moonbeam, and Astar further strengthen Ava Protocol’s foundation, driving adoption and implementation of its autonomous transactions.
Ava Protocol is positioning itself as a key player in the Web3 infrastructure space, offering innovative solutions for cross-chain automation. By enabling composable autonomous transactions, Ava Protocol empowers developers to quickly deploy powerful dApps, improving efficiency and user experience across the Web3 landscape.
The $10 million seed funding, supported by a diverse group of investors, will propel Ava Protocol towards achieving its ambitious goals. As the protocol advances towards its mainnet launch and expands its ecosystem, it stands at the forefront of the next wave of blockchain innovation, driving the evolution of autonomous, intent-based transactions.