A crypto startup, Taiko has secured a $22 million funding investment across two rounds. The firm announced the development in its Thursday Twitter post. According to the announcement, it aims to leverage the funding in developing its Type 1 zkEVM in a bid to aid scaling on Ethereum. It is noteworthy that the Type 1 zkEVM solution was inspired by Vitalik Buterin.
In raising the $22 million, Taiko embarked on two funding rounds. The first round was led by Sequoia Capital, making the firm to raise not less than $10million. In the second round, the crypto startup raised the sum of $12 million. According to Taiko cofounder, Daniel Wang, the round was led by Generative Ventures.
Other notable investors in the two rounds include IOSG Ventures, GSR, and GGV Capital, and angel investors such as POAP founder Patricio Worthalter, Tim Beiko of Ethereum Foundation, and Anthony Sassano. Worth noting that the crypto startup is aiming to develop a scaling solution for the Ethereum blockchain. It described its product as a Type 1 zero-knowledge Ethereum Virtual Machine.
Recently, Ethereum inventor, Vitalik Buterin in his post described Type 1 zkEVMs as the right solution to make Ethereum layer 1 more scalable. Meanwhile, the co-founder of Taiko, Matthew Finestone said the firm plans to stick to EVM and Ethereum blueprint as closely as possible. According to the co-founder, Taiko loves Ethereum and looks to improve the network through its solutions.
Taiko is live on testnet
It is important to note that Taiko released the latest version of its testnet earlier this week. The testnet was titled “the next step on the road to a decentralized, Ethereum-equivalent ZK-EVM.” Worth noting that the two co-founders of Taiko, Wang and Finestone had earlier worked as a team with Loopring, a payment and trading project developed on zk-rollup tech.
Daniel Wang was the founder and CEO of Loopring Foundation from July 2017 to November 2021, while Mathew Finestone worked at the foundation as head of the business. Before deploying to Loompring, Wang had worked together with Google for four years. According to him, the idea of Taiko was driven by his desire to build a decentralized social network.