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Quick take:
The company plans to use the fresh capital to accelerate the development if its platform for the mainnet launch.
Seismic plans to launch the developer testnet in a month.
Founder Lyron Co Ting Keh says his company’s goal is to solve forced transparency and limited scalability.
Seismic has raised $7 million in a funding round led by Andreessen Horowitz’s crypto investment arm A16z Crypto and with participation from Polychain Capital, Alliance, DAO5, NGC Ventures and 1kx.
The “encrypted blockchain” developer plans to use the fresh capital to accelerate the development of its platform ahead of the mainnet launch by the end of the year. Seismic’s developer testnet is also scheduled for launch in a month, founder Lyron Co Ting Keh told Blockworks.
This is Co Ting Keh’s first startup, with the blockchain developer drawing inspiration from a desire to own his own company.
According to Co Ting Keh, after speaking to various app developers, it became clear that encryption needed to be the foundation of the chain and not just being built onto it.
And so we tried for many months to build on it, on the chain, but we couldn’t get any of these nice properties that we wanted,” he explained.
Co Ting Keh believes building apps on big L1s for real-life use cases like “apps with investment vehicles that are tailored to long term positions and apps where social experience is built into everyday payments,” has become a big challenge for developers.
Although the blockchain L1 space may seem too congested already, Co Ting Keh believes his platform is being developed to address specific challenges, “forced transparency and limited scalability.”
“Forced transparency [is as] big of a change as limited scalability, if someone were to solve this, and then it’s something that is on the brink of consensus, and not consensus opinion right now, where most people agree that, ‘hey, these are two problems, and we’ve been talking about them for the last decade,” he said.
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