Intent-centric Ethereum L2 Essential raises $11 million in Series A funding
Summary
Essential, an "intent-centric" Ethereum ETH -1.48% 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, Essential said Tuesday. Undisclosed angel investors from Celestia, Hashflow, LI.FI, Sorella and other firms also participated in the round.Essential began raising funds for the Series A round earlier this year and closed it in June, co-founder and CEO Liesl Eichholz told The Block. The round was structured as equity with token warrants, Eichholz said, declining to comment on the valuation.The Series A round brings Essentials total funding to $16.15 million, having raised $5.15 million in seed funding last September.Essential is a blockchain startup developing an intent-centric or declarative Ethereum Layer 2 network as an Optimistic rollup. "Essential has today unveiled Pint, its programming language for developing intent-centric or declarative blockchain applications. When asked if Essential will also launch its token alongside the mainnet, Eichholz said thats the plan but is subject to various factors.There are currently 12 people working for Essential globally, and Eichholz is planning to "rapidly onboard a handful of roles," including head of growth, head of product, developer relations, community growth and engineering.Disclaimer: The Block is an independent media outlet that delivers news, research, and data.