Nikolas Sargeant
Cypher Capital, a multi-strategy crypto investment firm, announced on Wednesday, September 18th, that it played an active role in a $15 million seed funding round for Hemi Labs, a modular blockchain network unifying Bitcoin and Ethereum.
In a press release shared with Cryptowisser, Cypher Capital said Hemi Labs will use the funds to develop and launch the Hemi Network. Hemi Labs will use the funds from Cypher Capital to advance blockchain technology and enhance interoperability by developing a unified supernetwork.
This funding round follows Hemi’s recent incentivized testnet launch and a mainnet launch targeted for Q4 2024. The seed round also saw participation from numerous investors including Binance, Breyer Capital, Big Brain Holdings, Crypto.com, HyperChain Capital, Alchemy, SALT Fund, Kelly Capital, Sunflower Capital, DNA Fund, Web3 Ventures, Quantstamp, TRGC, UTXO, Artichoke Capital, SNZ Holding, Capital6, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Jihan Wu (Bitdeer), and George Burke (Portal), among others.
While commenting on this latest development, Vineet Budki, CEO of Cypher Capital, said,
“Hemi Labs is at the forefront of blockchain interoperability. Their approach to integrating Bitcoin and Ethereum into a cohesive supernetwork addresses key scalability and security challenges, and our investment aligns with their mission to transform blockchain infrastructure and unlock new possibilities for decentralized applications.”
Hemi Labs is currently developing a unified supernetwork that would include the Hemi Virtual Machine (hVM), which integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM). This would allow developers to create cross-chain smart contracts with familiar tools while ensuring compatibility with existing EVM dApps and wallets.
Furthermore, the Hemi Bitcoin Kit (hBK) facilitates direct smart contract access to granular Bitcoin state for advanced Bitcoin-native applications such as staking and lending markets.
The team explained that Hemi Network also boasts Superfinality through its Proof-of-Proof (PoP) consensus mechanism, ensuring Bitcoin-level security in a decentralized, permissionless manner and providing Bitcoin Security-as-a-Service to other blockchain networks.
Finally, Hemi’s Tunnels will offer trustless cross-chain portability, improving upon traditional bridge methods. Hemi Network will also feature on-chain routing, time-lock, password protection, and gasless transfers for seamless asset movement without relying on native chain currencies.
Jeff Garzik, Co-founder of Hemi Labs, commented that,
“The quality and enthusiasm of our investors and partners reflect the groundbreaking nature of what we are building. We are well positioned to advance blockchain technology by creating a supernetwork that marries the capabilities of Bitcoin and Ethereum, and Cypher Capital’s support is crucial to that success as they share our vision for the ecosystem.”
Cypher Capital is a leading early-strategy venture firm focused on investing in Web3 infrastructure and applications that will drive the new digital economy. Guided by environmental, social, and governance for every investment decision, Cypher is shaping the future of digital currency, public markets, and Web3.
Meanwhile, the Hemi Network (“Hemi”) is a modular blockchain powered by Bitcoin and Ethereum that provides superior scaling, security, and interoperability. Hemi views Bitcoin and Ethereum as components of a broader supernetwork, unlocking new levels of programmability, portability, and potential. Hemi Labs is a leading developer of Web3 infrastructure and tooling, founded by renowned Bitcoin developer Jeff Garzik, and blockchain security pioneer Max Sanchez.
