Celestia Foundation Secures $100 Million Funding

The Celestia TIA Foundation, the organization behind the modular blockchain network, has raised $100 million in a funding round led by Bain Capital Crypto. Participating firms include Syncracy Capital, 1kx, Robot Ventures, Placeholder, and others, bringing total financing to $155 million.

Launched in October 2023, Celestia aims to assist other blockchains in scaling by offloading their data requirements. Its data availability sampling technology allows users to verify large blocks without needing to download all the data.

Recently, network developers unveiled plans to scale Celestia to 1-gigabyte blocks (for comparison, the average Bitcoin block contains 1 to 2 megabytes of data).

Since the mainnet launch last year, around two dozen rollups have deployed on Celestia.

Celestia Foundation Chair Mustafa Al-Bassam stated, “When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era. Now, the core developers have introduced the technical roadmap to scale blockspace to the fiber optic era — while keeping it verifiable and low latency.”