Avail secures US$27 million to forge ahead in blockchain’s data availability arena


27th February 2024 – (New York) Avail, a new entrant in the blockchain data availability space, announced a significant $27 million seed funding round led by influential venture capital firms Founders Fund and Dragonfly. The company, which branched off from the well-known Polygon network in March last year, aims to propel its development forward under the guidance of Polygon co-founder Anurag Arjun.

The funding is earmarked for the advancement of Avail’s trio of core offerings, known collectively as the “Trinity”: its data availability solution (DA), Nexus, and Fusion. The first of these, Avail DA, promises to provide essential data space for ‘layer-2 networks’ or ‘rollups’, which are designed to expedite and economize transactions on foundational blockchains such as Ethereum. Industry insiders anticipate the launch of Avail DA early in the second quarter of 2024.

Data availability solutions like Avail’s have ignited considerable interest within the cryptocurrency sector, as they represent a shift towards a ‘modular’ blockchain architecture. This approach separates fundamental processes, including transaction execution and data storage, potentially enhancing efficiency and scalability.

Avail stands among other notable initiatives in this field, such as Celestia, which debuted in October last year, and the in-development EigenDA, backed by EigenLabs. Just last week, EigenLabs secured a $100 million investment from venture capital heavyweight a16z to continue expanding its offerings.

Nexus, another facet of Avail’s product suite, serves as a coordination layer for rollups within its ecosystem, providing a verification hub that integrates various systems using Avail DA as a foundational trust anchor. Meanwhile, Fusion Security is set to fortify the ecosystem’s integrity using established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Avail anticipates Nexus will go live in 2024, with Fusion Security following suit in 2025.