Informal Systems raised $5.3 million to support its work as a core developing team in the Cosmos ecosystem.
VC firm CMCC Global led the raise with support from Nascent, Maven11 and others. Angel investors also participated, from companies such as Celestia and EigenLayer. The funds were raised in the form of a convertible note.
“This fundraiser marks an important step for Informal, enabling us to continue to lead and expand the interchain while transforming the quality standards of software, money, and organizations.” said Informal Systems CEO Ethan Buchman in a statement.
Informal Systems has played a vital role in developing technology that supports blockchains in the Cosmos ecosystem, including in relation to the Cosmos Hub. It helped build Interchain Security, a way for blockchains to lean on the Cosmos Hub for its security, rather than running their own sets of validators.
The funds will boost the company's security auditing division, Informal Security. This helps projects find bugs and improve their code.
Informal Systems also has a project called Collaborative Finance, which wants to blend Cosmos technology with fintech products to provide liquidity systems for businesses. It plans to expand more on its goals in an upcoming whitepaper.
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