Decentralized application (dApp) infrastructure developer Semantic Layer has raised $3 million in seed financing, making up the company’s total funding to date.
Figment Capital led the round, with additional support from Hack VC, Robot Ventures, Bankless Ventures, Fenbushi Capital, Anagram, and Perridon Ventures, according to a release shared with The Block.
Semantic Layer aims to power transaction execution infrastructure using tools. Verifiable Aggregation Rule (VAR) and Verifiable Sequencing Rules (VSR). These tools give dApps more control over ordering and bundling multi-blockchain transactions.
Operating within the Semantic Layer’s ASS (Application-Specific Sequencing) framework, VAR and VSR reduce maximum extractable value (MEV) leakage and allow dApps to catch malicious transactions via “circuit breakers”.
“The main objectives of this funding round are to develop the semantic layer core and increase market awareness of ASS, including through research sponsorship and developer discussion events,” Daniel Tong, co-founder of Semantic Layer, told The Block.
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MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.