Initia has announced the completion of a $14 million Series A financing round, led by Theory Ventures, with participation from Delphi Ventures, Hack VC, as well as angel investors such as Bryan Pellegrino, NoSleepJon, Jordi Alexander, Zaki Manion, Keone Hon, 0xCygaar, Guy Young, Icebergy, Chainyoda, Michael Egorov, and others. Following this round of financing, Initia's total financing amounts to $22.5 million, including seed investments from Delphi Ventures and HackVC, as well as a pre-seed investment from Binance Labs.
Upcoming Roadmap and Team Building on Interwoven Stack
Initia plans to launch its mainnet and conduct a TGE within the next two months, with over 6 Layer2 deployments on the first day and more L2 deployments in the future.
Initia's public testnet concluded last month, lasting 12 weeks, during which users were able to experience all the content released by Initia over the past two years, including Initia L1; 8 Interwoven Rollups built by external teams; comprehensive updates to Initia applications, wallets, browsers, components, and the Initia VIP economic framework. Initia aims to achieve multi-chain alignment and attract more users to application chains built on Interwoven Rollup.
During the testing period, users were able to mint pets on-chain and gradually evolve through interactions with Initia applications.
Currently, 11 teams are building application chains on the Interwoven Stack, raising over $13 million in funding. These include:
Blackwing (raised $4.5 million, with investments from Hashed and Gumi Cryptos Capital (gCC))
MilkyWay (raised $5 million, with investments from Binance Labs, Polychain, and Hack VC)
Contro: GLOB chain
Civitia: Full-chain game
Inertia: First LRT with modular lending
Chai Markets: Yield protocol
Zaar: Mobile-friendly NFT marketplace
Minity: Native asset portfolio tracker
Tucan: Full-chain liquidity hub and derivatives platform
Lunch: All-in-one Web3 consumer mobile app
Infinity Ground: AI entertainment platform
Recently, Initia acquired Celatone and its team at Alles Labs. Celatone is a blockchain browser company that provides browser services for Sei, Osmosis, Neutron, Initia, and all L2s of Interwoven Rollup.
Overview of Initia
Initia is an Interwoven Rollup network that plans to build a multi-chain system covering architecture, products, and economics based on Initia L1 and various Interwoven L2s.
Initia leverages the experience of existing multi-chain systems (such as Cosmos and Ethereum) while building L1 and interconnected L2s to create a Rollup-centric system.
The use of Initia Interwoven Rollup belongs to a complete and mature CosmosSDK chain, running through Optimistic Rollup, supporting EVM, MoveVM, or WasmVM. Teams can modify all aspects of the Rollup according to their needs, choose their preferred virtual machine, and have the rest of the application chain's required functionality provided by L1, including native USDC, oracle data, wallets, LayerZero, IBC, block explorers, and more.
Initia's system architecture ensures that application chain builders do not need to choose between DA, interoperability, or other infrastructure solutions. Initia integrates these excellent systems in its modular components, eliminating fragmentation issues affecting users and simplifying the development process for development teams.
Finally, Initia has built a new multi-chain economic framework, Initia VIP, to create new use cases for tokens while helping L2 attract and retain users, thereby driving the value growth of INIT and L1.
About Theory Ventures
Theory Ventures is a $230 million fund founded by Tomasz Tunguz in 2023. The investment in Initia marks Theory's first token and equity investment in the Web3 space. Theory Ventures plans to invest $230 million in no more than 15 companies.
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