Shardeum, Ethereum Virtual Machine (EVM)-compatible sharded blockchain, has raised $5.4 million in a strategic round from Amber Group, Galxe, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, J17 Capital, TRGC, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, and Blue7.

With the additional funding, the blockchain startup plans to bolster the ecosystem’s growth as it prepares for the upcoming mainnet launch scheduled later this year.

Shardeum | Sharded Blockchain

Launched by Nischal Shetty and Omar Syed in 2022, Shardeum is a Layer 1 blockchain based on the Ethereum Virtual Machine. It aims to address the limitations of existing blockchains by achieving infinite scalability, decentralisation, and enhanced security. 

Talking about the development, Nischal Shetty, Co-founder of Shardeum, tweeted,

“These two reasons led to the creation of the strategic round. The objective wasn’t a typical private sale. It was to cherry-pick those investors and projects who can bring strong strategic value to the Shardeum ecosystem. This round helps us build a more friendly and collaborative ecosystem around Shardeum.”

Nischal Shetty added that, during the strategic round, Shardeum laid out its two objectives: bringing Web3 project teams closer to its mission by involving them as early holders of SHM tokens and partnering with strategic funds to expand into new regions and build communities.

Shardeum utilises dynamic state sharding and is designed for low gas fees and high transactions per second as the network expands. As per the startup, its testnet has witnessed over 7.4 million transactions, with over 820,000 accounts and more than 230,000 deployed contracts as of July 7, 2023.

The funding development comes nine months after Shardeum raised $18.2 million in a seed round in October 2022, where the firm was valued at $200 million. The funding round was led by Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, and Foresight Ventures.

In April 2023, Polytrade, a blockchain-enabled trade finance platform on Polygon Chain, raised $3.8 million in a seed funding round led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures. 

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