Analog Secures $5 Million in Funding

Analog, a blockchain interoperability protocol, has raised $5 million in a new funding round at a fully diluted valuation of $300 million ahead of its token launch.

Investors

Investors in the round include Foresight Ventures, Gate Ventures, BackerDAO, and Black Label Ventures, the venture division of film production company Black Label Media. According to Analog co-founder Victor Young, there was no lead investor in this round.

Notable participants also include Frax Finance founder Sam Kazemian and the co-founders of Black Label Media: Molly Smith and twin brothers Thad and Trent Luckinbill, who invested as angel investors.

This round marks the first crypto investment for Black Label Ventures and for Smith and the Luckinbill brothers.

Analog’s Unique Mechanism

Thad Luckinbill described Analog’s proof-of-time mechanism as “a paradigm shift,” merging scalability with security. He called it “a breakthrough that positions it at the vanguard of decentralization and distributed networks.”

Funding History

Analog began raising money for this round last November and closed it earlier this month, bringing total funding to $21 million. The project had previously raised $16 million at a $120 million valuation, marking a 150% increase in value in just a year.

Analog launched its mainnet last month and is set to debut its token on February 6.

What is Analog?

Analog is a blockchain interoperability protocol designed to connect various blockchains, facilitating seamless sharing of information and assets across networks.

Young notes that Analog’s closest competitors include LayerZero Labs, Axelar, and Hyperlane. However, Analog has a significant edge due to its comprehensive developer toolkit, which eliminates the need for external oracles or intermediaries, thus streamlining the development of cross-chain applications and enhancing security.

Over 50 projects, including Rarible, Pixelport, Meson Network, Dmail, and StationX, are either building or have committed to building on Analog’s protocol. Additionally, the project is developing its own decentralized exchange, Zenswap, to support cross-chain token swaps across blockchains like TON, Solana, and Bitcoin.

Team and Hiring

Analog currently employs 55 people and is actively hiring for engineering and marketing roles, including a new “chief of vibes” position, focusing on internal and external communications, social media, collaborations, and community-building efforts.

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