Mysten Labs Raise $300M to Scale Sui Blockchain Launch

Blockchain startup Mysten Labs have announced the completion of its series B round with several industry heavyweights participating.

The firm raised $300 million in the round led by Sam Bankman-Fried’s FTX Ventures bringing the young startup’s valuation to $2 billion after the round. The Series B round had contributions from other investors including Binance Labs, a16z crypto, Franklin Templeton, Jump Crypto, Apollo, Circle Ventures, and Dentsu Ventures.

With the added funds, Mysten Labs, the developer of the Sui Layer-1 blockchain will improve its core infrastructure to onboard the next generation of Web3 apps and also scale the adoption of the Sui ecosystem.

With a focus on the Asia-Pacific region, Mysten will also hire top talents across the world to further its plans.

Fronting the Innovative Sui Blockchain

Founded in 2021 by former executives of Meta, Mysten Labs is the developer of the yet-to-launch Sui network. The Sui blockchain utilizes the proof-of-stake mechanism to deliver a dynamic set of resources and tools for building dApps at a low cost.

Its safe asset-centric feature and object-centric data model provide new approaches to the scaling challenge of several blockchains. It also provides a more direct and accessible programming style for the next generation of smart contract developers. These features pose a competition to existing blockchains such as Ethereum and Solana.

According to co-founder and CEO Evan Cheng, the current Web3.0 infrastructure is in the dial-up era characterized by slow, expensive, insecure, and capacity-constrained systems. 

“With Sui, we are endeavoring to build a blockchain that scales with demand and incentivizes growth, eliminating middlemen and enabling users across applications to seamlessly integrate and interact with their favorite products,” he said.

The series B round follows its $36 million Series A led by a16z in December last year.

Judging from the size of the funds and the contributors, it is clear that some capital investors are still committed to investing in the space despite the current market conditions.

Recently, Polygon’s Sandeep Nailwal-led Symbolic Capital raised $50 million to scale the emerging subcreator industry. Also early-stage crypto investment firm, Variant raised $450 million for early startup Web3 projects.