Elastic Blockchain Network Company SKALE Raises $17.1 Million In Funding
Summary
SKALE, an elastic blockchain network company founded by Stan Kladko, Ph.D. and Jack O’Holleran, announced it raised $17.1 million in funding in order to launch its mainnet. The numbers have not yet been finalized due to ongoing accounting adjustments and asset transfers. The contribution from SKALE Labs is largely coming from previous financing through a $10 million Simple Agreement for Future Tokens (SAFT) sale, including an $8.68 million funding round led by Multicoin Capital and $785,000 from earlier investors last year. “Skale has grown tremendously over the past year in almost every aspect,” said Kyle Samani, managing partner of Multicoin Capital, in an interview with CoinDesk. With this round of funding, SKALE plans to seed and stabilize SKALE’s proof-of-stake network and increase its security as well as add more people to the 20 person engineering team.