Versatus Labs Reaches $50 Million Valuation Following $2.3 Million Seed Funding Round
Versatus Labs, a peer-to-peer web services protocol aiming to help Web2 developers transition to Web3, has completed a $2.3 million funding round at a $50 million valuation led by key investors in the Web3 space including NGC Ventures and Republic Crypto. The latest funding round aims to help the company develop the ‘world’s first stateless roll-up’, Versatus LASR. This follows Versatus Labs’ recent pivot from Layer 1 solutions to Ethereum scaling solutions.
With the new funding, Vesatus Labs will offer a seamless transition for Web2 developers entering the Web3 space. The platform offers unmatched speed and cost-efficiency while not compromising on the security or decentralization aspects of decentralized applications built. Additionally, the platform offers Web2 developers familiar tools and frameworks for prototyping, optimizing, DevOps, testing, and deployment, allowing for a seamless transition from Web2 to Web3.
The latest funding brings the total funds raised to $3.7 million, adding to the $1.4 million raised in February 2023, at a $20 million valuation. The company now boasts backing from top VCs in crypto including Jump Crypto, BigBrain Holdings, NGC Ventures, Republic Crypto, Taureon Group, and Hyperithm.
The focus on stateless rollups: faster than optimistic rollups?
Versatus is built to make the transition of Web2 developers into Web3 easier, by enabling them to use their preferred coding language and preferred tools while building in the space. The Versatus LASR offers the world’s first stateless rollup giving developers an option to build smart contracts using their preferred coding language and preferred tools.
The LASR offers a pure execution environment that shifts compute off-chain without the obligation or costs related to maintaining the state and saving data. As is with traditional rollups, the chain only takes a fraction of the data to broadcast on the chain while the rest is processed off the chain. With stateless rollups, the chain only takes the ‘absolute necessary data’ of the transaction and broadcasts it on-chain.
This means faster on-chain transactions, reducing the costs and latency issues on Ethereum while eliminating the friction and centralization associated with optimistic roll-ups, all while delivering a 100x better developer experience.
“Stateless verification is a key feature required to enable infinite scaling of optimistic rollups while preserving verifiability by regular nodes, which can sample and verify portions of the state update,” Sreeram, founder of EigenLayer stated. “Stateless verifiers are a key milestone in the future of the Ethereum scaling roadmap and we are excited to partner with Versatus to bring this key unlock to the modular Ethereum landscape.”
Speaking on the journey of Versatus Labs and its Founder Andrew Smith, Joseph Eagan, Co-Founder of Anagram, says: “Andrew is on a mission to solve a real problem and has done the groundwork to deeply understand it,” Eagan added. “Versatus LASR delivers a solution to the problem and ushers in a new era of web3, one that takes crypto from the fringes of the tech community and places it at the center.”