Web3 omni-chain interoperability platform Analog has achieved a funding milestone, raising $16 million to advance its data accessibility and cross-chain communication plans.
According to a press release seen by CryptoPotato, Analog intends to become a one-stop shop for blockchain interoperability in the web3 space.
Analog Raises $16M to Further Operations
The funding round involved participation from several crypto projects, venture capital firms, and angel investors, including NEAR, Mike Novogratz’s Samara Asset Group, Tribe Capital, Benqi Finance, Balaji Srinivasan, Orange DAO, Mask Network, Wintermute, Outliers Fund, Presto Labs, and Ocular Fund.
Analog said the idea behind its project stemmed from the lack of tools, education, and developer-focused infrastructure to aid the layer 1 and layer 2 ecosystems that would emerge in the future. The web3 firm is focused on building a suite of needed products and underlying technologies to remedy these shortcomings that would hinder the onboarding of developers and the growth of the cross-chain space.
Analog’s main component is the Timechain, a Rust-based blockchain hosting validator called Time Nodes and Chronicle Nodes. These nodes validate and relay messages, enabling applications to connect on different blockchains.
On the Timechain is Analog’s Watch, a toolkit created to index and send on-chain data to other chains in a way that combines those of The Graph and Chainlink. Already live on Analog’s partner testnet, the Watch provides on-chain event data and pricing to various blockchains and decentralized applications.
Unveiling a Toolkit and Partners Program
Besides the Watch, Analog is launching a software development kit for general messaging to enable omnichain interactions for any subset of blockchains and cross-chain automation products for smart contract executions.
In addition, Analog’s Launch Partners Program is now in motion. The initiative aims to “grow the mindshare and slice of the pie of cross-chain projects” by showing how blockchain verticals can benefit from staying connected. The program has seen collaborations with entities like Meson Network, Dmail, Mask Network, StationX, and Belong.
“The steadfast support from our partners and investors underscores the industry’s recognition of the importance of redefining cross-chain communication. This substantial investment will fuel our ongoing efforts to develop cutting-edge solutions that transcend current limitations, fostering a new era of innovation and collaboration in the decentralized space,” said Analog founder Victor Young.
Meanwhile, the public-incentivized testnet of the Watch and the General Message Passing Protocol has been scheduled for release this quarter.