Celestia Foundation Raises $100 Million

The Celestia Foundation, primarily responsible for the modular blockchain network, has raised $100 million in a funding round led by Bain Capital Crypto. Other participants include Syncracy Capital, 1kx, Robot Ventures, Placeholder, and more, bringing the foundation’s total financing to $155 million.

Launched in October 2023, Celestia is a network aimed at helping other blockchains scale by offloading their data requirements. Its innovative data availability sampling technology allows users to verify large blocks without the need to download all data.

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

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

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