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Polymer Labs, a Layer 2 network that will provide composability as a service for Ethereum and its rollups, raised $23 million in a Series A funding round.
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Polymer Labs said on Tuesday that the round was led by Blockchain Capital, Maven 11, and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.
It is unclear when Polymer started raising for the round or when the project closed. Co-founder Peter Kim declined to comment on the timeline. He also declined to comment on the structure of the round, whether it was equity, token, or equity plus token-warrant round, and valuation.
Polymer’s Series A seed round occurred two years ago, raising $3.6 million. Kim said the project is in the development phase of its Ethereum composability infrastructure and plans to launch the Testnet in about 2 months.
Ethereum Interoperability Hub
Polymer Labs is building an “Ethereum interoperability hub” to connect all blockchains, starting with Ethereum, with the goal of creating the next generation of the internet.
Polymer noted that existing Layer 2 networks and interoperability token bridges are widely used but not robust against attacks, adding that the Layer 2 aggregation will enable protocols on different chains to “communicate efficiently and securely, improving their functionality without introducing new trust assumptions.”
The company is using the centrally managed Cross-Chain Communication protocol, the Cosmos standard for blockchain interoperability, and the Optimism Stack.
Polymer said that eventually, any developer building any Web3 application on any chain will be able to use the interoperability tool.