by The Singapore-based blockchain developers Smooth Labs generated $2 million in a seed funding round. A March 14 report from Smooth Labs management revealed that the firm plans to utilize the funds to support the business to expand its parallel execution technologies. The leading institutional investor of blockchain and Web3 technologies, NGC Ventures, led the seed round.
Besides NGC Ventures, high-profile crypto and fintech firms supported the funding round, including ArkStream Capital, Cogitent Ventures, and popular crypto mogul Ian Balina.
Significance of the Funding Round
Following the collapse of FTX, Smooth Labs was among the victims plunged into a liquidity crisis. The attempt to remain afloat inspired Smooth Labs to launch the seed funding round last November.
A statement from Smooth co-founder Wiger Wei dated March 14, revealed that the successful funding round that yielded $2 million was completed in January. However, Wei’s report failed to disclose the funding mechanism adopted by the Smooth team to raise the capital required by the business to attain the objectives.
Wei argued that Smooth would continue developing blockchain infrastructures to integrate parallel execution features.
Role of Parallel Execution Technologies
Smooth stated that creating parallel execution features on its platform will expedite transaction processes by minimizing the average waiting time.
The quest to outperform other firms in a crowded market has inspired Smooth to leverage new technology to improve transaction speed. The team has adopted best-performing modules to maintain seamless transactions per second (TPS) of the Layer 2 blockchain network.
According to Wei, Smooth plans to integrate Layer 2 networks into the Appchain system to develop a unique parallel transaction platform. Wei remarked that similar transaction technology would be compatible with other networks, including the Ethereum Virtual Machine (EVM).
Elsewhere, the chief executive of NGC, Zi Chen, stated that Smooth’s latest technology would provide innovative solutions to the blockchain ecosystem. Chen is optimistic that the parallel transaction would address blockchain scalability concerns that have limited the crypto industry’s growth.
In his address, Chen acknowledged the efforts made by the Smooth team in providing groundbreaking technologies to crypto users.
In the meantime, Smooth network is undergoing a series of tests and will launch the first public testnet in the third quarter of this year. The team plans to hire new talents in the technical and support department.
