Hemi Labs Raises $15 Million for Hemi Network

Hemi Labs raised $15 million in funding to launch the Hemi Network, a modular blockchain network supported by both Bitcoin and Ethereum.

The funding round was led by Binance Labs, Breyer Capital, and Big Brain Holdings, with additional support from Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital, and Cypher Capital, among others, according to a company release.

Hemi Network Features

Key features of the Hemi Network include the Hemi Virtual Machine, allowing developers to create Bitcoin- and Ethereum-compatible smart contracts. Additionally, the Hemi Bitcoin Kit enables individuals to build staking systems, MEV marketplaces, and other Bitcoin-native applications by accessing the granular Bitcoin state directly.

The firm has launched the Hemi Network incentivized testnet and aims to release its mainnet in the fourth quarter of this year.

“Hemi is transforming how Bitcoin and Ethereum interact, and not merely providing a bridge between the two largest networks in the blockchain ecosystem, but a supernetwork that most elegantly marries the capabilities of both,” said Sam Kim, Managing Partner at Big Brain Holdings.