Mysten Labs, a Web3 infrastructure company and developer of the Sui Layer 1 blockchain, announced its completion of a $300 million Series B funding round on September 8. This fresh capital values the company at more than $2 billion.
The round was led by FTX Ventures, the investment arm of crypto exchange FTX, and included participation from an array of big names in the crypto industry, including a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, and more.
Launched in 2021 by former executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language, Mysten is building the foundations for a decentralized future. The company’s inaugural product, Sui, is a decentralized, proof of stake blockchain designed from the ground up to enable creators and developers from gaming to social media to finance to build experiences that cater to the next billion users of Web3.
Sui builds on important innovations in consensus algorithms and leverages novel data structures that result in a high-performance Layer 1 that has expandable capacity while delivering a development environment for rich, dynamic, composable assets that will usher in a new generation of decentralized applications. These innovations enable Sui to scale throughput and storage horizontally to meet application demand, while also maintaining extremely low operating costs per transaction.
Evan Cheng, Co-Founder and Chief Executive Officer of Mysten, said, “Current Web3 infrastructure is in the dial-up era – it’s slow, expensive, capacity constrained, insecure, and simply hard to build for. With Sui, we are endeavoring to build a blockchain that scales with demand and incentivizes growth, eliminating middlemen, and enabling users across applications to seamlessly integrate and interact with their favorite products.”
The company intends to use the proceeds from the round to continue building out the core infrastructure to power Web3’s next wave of applications and accelerate the adoption of the Sui ecosystem. To make strides towards this mission, Mysten will keep hiring the best minds across the globe, with an important emphasis on the Asia-Pacific region.