Lava Network Secures $26 Million in Funding to Enhance Blockchain Data Access Infrastructure

Upon reviewing the provided search results, it is clear that there are multiple entities named “Lava” with different focuses. The relevant company for the query is Lava Network, which is a modular blockchain network focused on data access through remote procedure calls (RPCs).

Here is a rewritten version of the news articles covering the funding type:

Lava Network, a modular blockchain network aimed at enhancing data access through remote procedure calls (RPCs), has secured significant funding in two rounds. The first round, announced in February 2024, was a $15 million seed round led by Jump Capital, Hashkey Capital, and Tribe Capital. This funding was crucial for building the infrastructure necessary for scaling blockchain data access.

The seed round saw participation from a diverse group of investors, including Alliance, Node, North Island, Quiet, Finality, Dispersion Capital, and early seed investors of top infrastructure providers such as Alchemy, Blockdaemon, ConsenSys (Infura), and QuickNode. Additionally, validators, ecosystems, and founders of prominent blockchain projects like Cosmos, Polkadot, Filecoin, StarkWare, Axelar, NEAR, Celestia, and Celo also joined the round.

Lava Network’s vision is to unlock innovation across web3 by providing developers with total flexibility to build with the most performant and scalable infrastructure. The company is building a modular network that makes it easy for developers and users to access blockchain through RPC and indexing. RPC is critical for web3 applications as it enables them to send and retrieve blockchain data, while indexing offers more specialized data requests.

Following the seed round, Lava Foundation, a newly formed non-profit for the development of the Lava Network, raised an additional $11 million in a token round in May 2024. This funding round was realized via a simple agreement for future tokens (SAFT) and included investors such as Animoca Brands, Gate.io Ventures, CoinGecko Ventures, Polygon co-founder Sandeep Nailwal, Ash Crypto, CryptoLark, and media outlets Crypto Times Japan, Le Journal Du Coin, and The Rollup.

The Lava Foundation is the sole entity responsible for selling tokens and deciding the roadmap for the network until the DAO is live at mainnet. The funding round was a significant step ahead of the network’s mainnet launch and token airdrop. Lava’s mainnet launch is scheduled for the first half of 2024, with the LAVA token to follow suit around the same time.

Lava Network has already made significant strides, serving over 20 billion RPC requests across blockchains and rewarding users with points under the Magma program. The company has signed contracts with other chains, including Filecoin, Starknet, and Cosmos Hub, and is working directly with ecosystems through its Incentivized Public RPC program. Node providers joining Lava have received hundreds of thousands of token incentives from chains, including NEAR, EVMOS, and AXL.

The company’s modular approach aims to extend beyond RPC and indexing to support other data infrastructure, such as oracles, sequencing, and more, serving as a permissionless everything store for any web3 service. With its recent funding rounds, Lava Network is well-positioned to achieve its vision of unlocking innovation across web3.