Analog reaches $300 million valuation in $5 million round ahead of token launch

Quick Take

  • Analog, a blockchain interoperability protocol, raised $5 million at a $300 million token valuation, marking a 150% jump in valuation within a year.
  • Analog is set to launch its token on Feb. 6, following its recent mainnet debut.

Analog, a blockchain interoperability protocol, has raised $5 million in a new funding round at a fully diluted valuation of $300 million ahead of its token launch. 

Investors in the round include Foresight Ventures, Gate Ventures, BackerDAO and Black Label Ventures, the venture division of film production company Black Label Media, Analog co-founder Victor Young told The Block. He added that there was no lead investor in the round.

Frax Finance founder Sam Kazemian as well as the three co-founders of Black Label Media, Molly Smith and twin brothers Thad and Trent Luckinbill, also separately participated in the round as angel investors, Young said.

Analog is the first crypto investment for Black Label Ventures, as well as for Smith and the Luckinbill brothers, according to Young. The Analog proof-of-time mechanism is "a paradigm shift," Thad Luckinbill said, noting it merges scalability with security. It's "a breakthrough that positions it at the vanguard of decentralization and distributed networks." 

Analog began raising money for the funding round last November and closed it earlier this month, Young said. It brings Analog’s total funding to $21 million. The project had previously raised $16 million at a valuation of $120 million last year, marking a 150% valuation increase in just a year.

Analog launched its mainnet last month and is set to debut its token on Feb. 6, Young said.

What is Analog?

Analog is a blockchain interoperability protocol designed to connect different blockchains, enabling seamless sharing of information and assets across networks.

According to Young, the protocol's closest competitors include LayerZero Labs, Axelar and Hyperlane. Young noted Analog’s edge lies in its comprehensive developer toolkit, which eliminates the need for external oracles or intermediaries, streamlining the development of cross-chain applications and enhancing security.

Over 50 projects are either building or have committed to building on Analog’s protocol, including Rarible, Pixelport, Meson Network, Dmail and StationX, Analog said. The project is also developing its own decentralized exchange, Zenswap, which will support cross-chain token swaps across blockchains like TON, Solana and Bitcoin.

Analog currently employs 55 people and is actively hiring for engineering and marketing roles, including a new “chief of vibes” position focused on internal and external communications, social media, collaborations and community-building efforts, Young said.


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About Author

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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