Quick take:
- The fundraising attracted participation from Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures.
- The funding brings the total raised to $15 million following a $10 million fundraising fromPolychain Capital and Alumni Ventures.
- Quai is introducing a decentralised energy dollar powered by its programmable proof-of-work blockchain.
Quai Network, a programmable proof-of-work layer-1 blockchain has raised $5 million in a strategic round backed by Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures.
The EVM-compatible network previously raised $10 million from Polychain Capital and Alumni Ventures, bringing the total raised to date to $15 million.
Quai recently announced the launch of its Mainnet-compatible Devnet and is now gearing for the introduction of its decentralised energy dollar that helps secure and scale networks up to 50,000 transactions per second.
“This Devnet precedes the fourth testnet of the protocol and is the first Devnet with workshares, UTXO transactions, and dynamic sharding,” the company wrote in a press release shared with NFTgators.
Quai plans to use the fresh capital to accelerate the development of its network and boost ecosystem growth. Quai is looking to expand its team, particularly in engineering and developer relations, intensifying research and development efforts, and investing in community engagement initiatives.
“Quai Network’s unique hierarchical structure transforms scalability and security, eliminating the need to prioritize one over the other,” says Sayantan Mitra, PhD, General Partner at Cogitent Ventures. “By enabling seamless, trustless interactions across multiple chains and supporting fast, low-cost transactions, Quai addresses the pain points of multi-chain systems and sets the stage for high-throughput global execution. We are convinced that this architecture presents a powerful solution for the future of decentralized networks.”
The company said the Devnet provides developers with the tooling and infrastructure required to build on Quai Network.
“In recent months, Quai has made significant strides by further refining protocol-level scalability enhancements and leveraging Proof-of-Work as a unique oracle for real-world energy costs. These advancements have strengthened our position as a leader in creating a highly scalable and secure decentralized ecosystem,” said Alan Orwick, Co-Founder of Quai.
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