India-based Shardeum ended its $18.2 million seed funding, raising a valuation of $199 million.
According to Sharedeum, co-founded by Indian exchange WazirX's founder and blockchain architect Omar Syed, the seed round had over 50 investors who participated, including Spartan Group, Big Brain Holdings, Jane Street and Foresight Ventures.
The funding round was conducted through a private token sale, and the company is expected to launch in the first quarter of next year and will later stage a public token sale.
Balaji Srinivasan, former chief technology officer of Coinbase, said, "I invested in Shardeum as I think they are trying an interesting approach to scaling, which increases TPS as more validation nodes are added."
In comparison, Shardeum's $18 million raise is an adequate size for a seed round in the third quarter of the year as the amount is closer to the average Series A check size, which comes in at $22.8 million.
According to the company, the new funds will be used for...
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