Union Labs raises $4M in Seed Round
Today, we’re thrilled to announce that we’ve successfully raised $4 million in seed funding to drive our mission of revolutionizing cross-chain infrastructure. The funding round was led by Galileo, and joined by Semantic Ventures, Tioga Capital, and Nascent, as well as angels from Chorus One, Quasar, Easy2stake, UDHC, Obol, and Skip Protocol. We’re grateful for their support as we embark on this journey to build the first fully trustless bridge connecting appchains, layer 1, and layer 2 networks.
This backing cements our commitment to building a trustless interoperable future. We’re excited to have these industry leaders supporting us as we continue to push the boundaries of what’s possible in the cross-chain ecosystem.
Karel Kubat, our Founder, shares his thoughts on this significant milestone: “This support signifies trust in Union and the team, while also showing strong support from the industry for projects focused on sovereignty and decentralization: the keys to an equitable digital economy.”
A Response to Industry Challenges
With over $1.6 billion stolen in bridge hacks in 2022, the need for a robust bridging stack became more apparent than ever. Our team addressed this challenge by developing the first fully trustless and censorship-resistant infrastructure layer in stealth mode. The output of this year-long work is an astonishingly cohesive architecture consisting of three key elements, ensuring efficient and secure data transfer and interaction between various blockchains.
Union’s unique consensus engine allows the transfer of any asset natively to any chain, prioritizing efficiency, security, scalability, and interoperability. Unlike other bridging solutions, Union does not grant relayers special authority, mitigating the risk of private key exposure. Messages are verified using zero-knowledge proofs, adding an extra layer of security.
David Feiock, Founder at Galileo, highlights the significance of Union’s innovation: “Secure, reliable, cost-efficient communication between networks and dApps, facilitated by ZK infrastructure, ultimately means more use cases and more users.”
A Springboard to the Future
This investment not only fuels our growth but also supports our commitment to providing a user-friendly experience through our high-level API. We want developers from various ecosystems to easily integrate and utilize our technology, paving the way for a trustless financial infrastructure. Funding will also support the expansion of the Union brand by fueling marketing, developer relationships and other ecosystem growth efforts.
In the next couple of months, we will rigorously test Union’s zk bridge and ensure that it is bulletproof for the public testnet. Be on the lookout for more milestones in Union’s journey. It’s going to be a sprint, not a stroll in the park.
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The Block has also written about our seed round.