- Automata Network has launched after amassing $1 million during its seed funding round.
- Alameda Research, KR1, IOSG Ventures, Divergence Capital, and Genesi Block Ventures led the funding round.
- Automata Network focuses on providing middleware-like services for decentralized applications (DApps) to enable traceless privacy and frictionless computation.
Automata Network, which describes itself as a “privacy-first middleware service protocol”, has launched after a grand seed funding round of $1 million. Alameda Research, a firm founded by FTX Exchange’s Sam Bankman-Fried, co-led the funding.
Along with Alameda Research, other notable firms helped Automata Network take flight. These are KR1, IOSG Ventures, Divergence Capital, and Genesis Block Ventures.
Automata Network aims to provide middleware-like services for decentralized applications (DApps). This enables traceless privacy and smooth computation. With the seed fund, it will focus on product development, technical research, and community presence.
The team has some of the previous Zilliqa founding members. It uses the so-called Oblivious RAM, which appears to be a new technology for effectively concealing data access patterns.
Automata Co-Founder Deli Gong remarked that users can have private and intuitive experiences, while interacting along the data chain.
Gong explained,
“Where Automata Network differs from the existing market is our wide-lens focus not only on ensuring uncompromised privacy, but also in the purposeful design of our services to be seamlessly integrated onto existing platforms such as Ethereum and Polkadot.”
Former Zilliqa CEO, Xinshu Dong, also added, saying that he is excited to see many DApps utilize Automata Network. “Automata Network is uniquely positioned to capture an immediate market demand for privacy-preserving DeFi applications without having to rewrite them,” Dong said.
Aside from the $1 million fund, Automata Network is also a recipient of the Web3 Foundation grants program. Moreover, it joined the Web 3.0 Bootcamp in 2020.
This article first published on coinquora.com
