Quick take:
- Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, and Sunflower Capital were among those who joined the round.
- Hemi Labs is building a highly scalable, secure and interoperable supernetwork as a single component unifying Bitcoin and Ethereum.
- The Hemi Network also went live with this launch, with a mainnet rollout scheduled for the fourth quarter.
Hemi Labs, a Web3 firm building Hemi Network has raised $15 million in an investment round led by Binance Labs, Breyer Capital, and Big Brain Holdings, accordion to press material shared with NFTgators.
The fundraising also included participation from Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital, Cypher Capital, SNZ Holding, C6E, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, with Jihan Wu (Bitdeer), George Burke (Portal), and Sonny Singh (Beluga) among those who joined as angel investors.
The company will use the funds to accelerate the development of its highly scalable, secure and interoperable supernetwork as a single component unifying Bitcoin and Ethereum.
Commenting on his firm’s leading role in the round, Alex Odagiu, Investment Director at Binance Labs said in a statement: “Hemi’s approach aligns with our commitment to backing projects that are focused on building practical, decentralized solutions with long-term potential.”
Ted Breyer at Breyer Capital highlighted the Hemi team’s “clear and compelling vision for unlocking the programmability, portability, and potential of Web3,” as one of the reasons for investing in the company.
Sam Kim at Big Brain Holdings added: “Hemi is transforming how Bitcoin and Ethereum interact, and not merely providing a bridge between the two largest networks in the blockchain ecosystem, but a supernetwork that most elegantly marries the capabilities of both.”
Hemi Network leverages components of both the Bitcoin blockchain and the Ethereum network to build a “supernetwork” powered by the Hemi Virtual machine (hVM), which integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM). This allows developers to use familiar tools to build smart contracts that work with both Bitcoin and Ethereum.
Bitcoin programmability is enabled using the Hemi Bitcoin Kit (hBK), which unlocks direct smart contract access to granular Bitcoin state.
Jeff Garzik, an early Bitcoin developer and co-founder of Hemi Labs commented: “They understand the uniqueness and value of Hemi’s approach to scaling and integrating the two leading blockchain networks, adding to the phenomenal growth and energy in this particular area.”
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