Essential Raises $11 Million in Series A Funding

Essential, an “intent-centric” Ethereum Layer 2 blockchain developer, has raised $11 million in a Series A funding round led by Archetype.

Other investors included IOSG Ventures, the Spartan Group, Mirana Ventures, Amber Group, Maven 11, and Big Brain Holdings. Undisclosed angel investors from Celestia, Hashflow, LI.FI, Sorella, and other firms also participated in the round.

Essential started raising funds for the Series A round earlier this year and closed it in June, according to co-founder and CEO Liesl Eichholz. The round was structured as equity with token warrants, though Eichholz declined to comment on the valuation.

With this Series A round, Essential’s total funding rises to $16.15 million, having previously raised $5.15 million in seed funding last September.

What is Essential?

Essential is a blockchain startup that develops an intent-centric or declarative Ethereum Layer 2 network using an Optimistic rollup. Unlike traditional blockchains that utilize a transaction-based model where users provide exact instructions, Essential employs an intent-based model where users specify their desired outcome. As a Layer 2 solution, Essential processes user intents off-chain through “specialized solvers” to enhance efficiency. This strategy aims to improve user experience, minimize on-chain workloads, and augment scalability.

Eichholz mentioned, “We don’t have direct competitors as we’re the first project to build a blockchain using the declarative approach.” She added that their primary competition includes other Layer 2 projects focused on improving speed, scalability, and user experience.

Essential Mainnet and Token Launch Timeline

Essential has introduced Pint, its programming language for crafting intent-centric or declarative blockchain applications. Additionally, they have released a pre-alpha developer network for testing and provided developer documentation as a quick-start guide.

Eichholz stated, “We’re aiming for testnet later in 2024 and mainnet in 2025.” When asked about the launch of their token alongside the mainnet, she indicated that it is part of the plan but subject to various conditions.

Currently, there are 12 people employed at Essential globally, with Eichholz planning to rapidly onboard additional team members, including roles for head of growth, head of product, developer relations, community growth, and engineering.

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