Semantic Ventures is a venture capital fund that invests in open markets and networks. It was founded in 2017 and is headquartered in London, England.

Semantic Ventures

Chorus One is operating validating nodes and staking services for Proof-of-Stake blockchain networks. Our products enable token holders to earn interest on their cryptoassets and to shape the evolution of the decentralized networks they are invested in.

Chorus One

Tioga Capital, LLC is a private investment firm based in Atlanta, GA that manages multiple partnerships across the real estate spectrum.  Tioga takes a disciplined approach to opportunistically investing across the real estate capital structure, with a primary focus on the U.S. Sunbelt Region.

Tioga Capital

Nascent invests in early-stage teams with a focus on missionary founders who are building category-defining companies and protocols It was founded in 2020.

Nascent

Lightshift is a blockchain-focused fund that invests in digital assets and works hands-on to ensure the success of its key investments.

Lightshift

Galileo is an early-stage crypto venture firm.

Galileo

Union Labs

Union Labs is a hyper-efficient, zero-knowledge interoperability layer that connects appchains. layer 1 and layer 2 networks.

Union Labs provides an interoperability protocol that safely connects layer-1 and layer-2 networks and appchains using zero-knowledge proofs. The protocol’s architecture contains two primary components, CometBLS, the consensus mechanism, and Galois, the prover, which, together, allow the project to enable Inter-Blockchain Communication (IBC) Protocol on Ethereum.

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

Union Labs provides an interoperability protocol that safely connects layer-1 and layer-2 networks and appchains using zero-knowledge proofs. The protocol’s architecture contains two primary components, CometBLS, the consensus mechanism, and Galois, the prover, which, together, allow the project to enable Inter-Blockchain Communication (IBC) Protocol on Ethereum.Funding and financialsThe company raised USD 4 million in <a href="https://sp-edge.com/updates/24057">seed funding</a> in November 2023, led by a series of venture firms such as Galileo, Semantic Ventures, Tioga Capital, and Nascent. It planned to use the funds to enhance its product offering and recruitment.

NEAR Protocol is an open-source layer-1 blockchain launched in October 2020. The blockchain uses a proof-of-stake consensus mechanism to validate transactions while incorporating sharding technology to improve scalability. Its native token is NEAR, which can be used to pay for transactions and storage on the blockchain, while also allowing token holders to participate in the platform’s governance process.NEAR allows users to sign up for a wallet (account) using unique human-readable names (e.g., johndoe.near, in comparison to cryptographic and randomly generated private keys, which is a characteristic of chains such as Ethereum), which in turn enables easy sign-ins for dApps for users and improves the overall usability of the blockchain. The platform also allows developers to prepay gas fees for first-time users, allowing the latter to interact with a dApp for free. NEAR also offers the Rainbow Bridge, which allows users to transfer ERC-20 and NEAR tokens or any other digital asset between the Ethereum and NEAR blockchain. In addition, the platform provides tools such as SDKs, CLIs, and APIs for developers to create dApps on its blockchain. In addition, NEAR allocates 30% of the transaction fees to developers to encourage them to build applications on its platform, with the remainder being burnt.As of July 2022, NEAR had 100 validators on its blockchain, which it expected to increase in proportion to the number of transactions. The platform uses an auction system to select and determine the seat price for its validators every epoch (time interval of 12 hours). The platform claims to be able to scale infinitely by adding more validators owing to its underlying architecture.Key customers and partnershipsIn June 2021, NEAR joined ICON’s Blockchain Transmission Protocol (BTP), which seeks to improve cross-chain communication. The partnership allowed data to be transferred between the NEAR blockchain and other BTP partners such as Polkadot and Harmon. Moreover, NEAR partnered with <a href="https://sp-edge.com/updates/23393">Nym Technologies </a>to integrate end-to-end encryption and privacy safeguards into the NEAR blockchain ecosystem.In addition, NEAR partnered with Ardana, a stablecoin and decentralized exchange (DEX) liquidity pool built on the Cardano blockchain in November 2021, to build a bridge to support integrations and token transfers between the NEAR and Cardano blockchains. It had also planned to enable cross-chain smart contract functionality and allow the NEAR token to be used as collateral on Ardana to mint stablecoins in the future.Funding and financialsIn April 2022, NEAR raised USD 350 million in a private equity round led by Tiger Global. The funds were geared toward improving the adoption of the blockchain by increasing the number of its regional hubs in key communities such as Latin America, Turkey, and India.

NEAR Protocol

<div>
 
 Ava Labs develops the open-source layer-1 blockchain, Avalanche. The Avalanche network architecture contains three separate blockchains in order to address the decentralization, security, and scalability limitations of blockchains. These include 1) the Exchange Chain (X-Chain), which is the default blockchain on which assets are created and exchanged and also includes Avalanche&rsquo;s native token&ndash;AVAX; 2) the Contract Chain (C-Chain)&mdash;which is based on the Ethereum Virtual Machine (EVM)&mdash;allows for the creation and execution of smart contracts with cross-chain interoperability; and 3) the Platform Chain (P-Chain), which coordinates validators and enables the creation and management of subnets (a sovereign network that defines its own rules for membership and tokenomic). Avalanche uses a proof-of-stake consensus mechanism and is able to execute 4,500 transactions per second. As of December 2022, ~1,000 projects were built on Avalanche, including DeFi projects like Tether, SushiSwap, Chainlink, and Circle. As of the same date, the network processed on average two million daily transactions and was secured by more than 1,200 validators.&nbsp;
 
 
 
 Ava Labs launched Core, a dedicated non-custodial crypto wallet for AVAX as a browser extension, through which users are able to browse dApps on the Avalanche blockchain. In April 2023, the company announced plans to launch &ldquo;
 <a href="https://sp-edge.com/updates/17583">
 Evergreen Subnets
 </a>
 ,&rdquo;&nbsp; a suite of blockchain deployments, tooling, and customization services specifically designed for financial institutions to run their own private, permissioned chains with approved parties. In addition, financial institutions will be able to communicate and transfer data with other subnets through Avalanche&rsquo;s native communication protocol Avalanche Warp Messaging (AWM) without relying on any third parties. It also launched 
 <a href="https://sp-edge.com/updates/18842">
 AvaCloud
 </a>
 in May 2023, a no-code Web3 launchpad that assists businesses in building fully managed blockchain ecosystems. AvaCloud consists of four main components: an automated blockchain builder, managed validators, comprehensive data tools, and chain interoperability within Avalanche subnets.
 
 
 Key customers and partnership
 
 
 Avalanche has partnered with several cloud services providers to improve its network such as 
 <a href="https://sp-edge.com/updates/15079">
 Alibaba Cloud
 </a>
 (December 2022) to improve its infrastructure and support for its validators. Users of the Avalanche blockchain can launch new validator nodes using Alibaba Cloud&rsquo;s plug-and-play infrastructure-as-a-service (IaaS), while dApp developers can use the latter&rsquo;s storage and computing resources for the efficient running of their dApps. It also collaborated with 
 <a href="https://sp-edge.com/updates/15640?industryIds=144">
 AWS
 </a>
 (January 2022) to scale and improve blockchain adoption and support its dApp ecosystem, while also enabling one-click node deployments through the AWS marketplace. 
 
 
 Funding and financials
 
 
 In September 2021, Ava Labs raised USD 230 million in a private sale of AVAX tokens, co-led by Polychain and Three Arrows Capital, with the funds geared toward supporting the Avalanche ecosystem.
 
</div>

Ava Labs

Based in Australia, Immutable is a developer of blockchain-based video games and a provider of a Web3 game development platform. The company develops and publishes its games through Immutable Game Studio, and released its first game, Gods Unchained, in March 2021. The game is a NFT strategy card game, and had ~80,000 active players as of January 2022. It also claimed that over USD 25 million of Gods Unchained digital assets have been traded as of the same date. In February 2024, the company launched the mobile version of Gods Unchained, available on Google Play and Apple App Store.Its Web3 game development platform, Immutable X, provides a SDK that offers APIs and smart contracts to allow developers to leverage ready-made Web3 infrastructure to quickly build and deploy blockchain-based games. These include an onboarding solution (non-custodial wallet) called <a href="https://sp-edge.com/updates/16041">Passport </a>, transaction infrastructure, and NFT minting tools. The platform also consists of a developer hub which allows developers to launch and manage their projects in one-place and obtain related performance analytics.In addition, Immutable X also acts as a layer-2 scaling solution on the Ethereum blockchain. It uses <a href="https://sp-edge.com/companies/607497">StarkWare's </a>StarkEx roll-up technology and can process 9,000 transactions per second, with zero gas fees, while claiming to be carbon-neutral. Its native token IMX can be used to pay for transactions as well as stake and govern the network. Notable companies building on Immutable X include GameStop, TikTok, OpenSea, Ember Sword, Illuvium, GreenPark Sports, and Vee Friends (Gary Vee).Key customers and partnershipsImmutable partnered with Stepico, a video game developer to create Guild of Guardians, an action role-playing game. Stepico will develop the game, while Immutable will be responsible for publishing. The game was open for pre-registration, with over 150,000 users already signed up as of August 2022. The company also partnered with several game developers, such as Turner Sports and Kongregate, to build Web3 games on the Immutable X platform.The company collaborated with <a href="https://sp-edge.com/companies/786111">Polygon</a> to launch its <a href="https://sp-edge.com/updates/24881">zero-knowledge Ethereum Virtual Machine</a> (zkEVM) scaling solution to bypass the scaling limitations of the Ethereum blockchain and promote Web3 gaming. The network developers to completely abstract transaction fees that allow a frictionless player onboarding and improved user experience. Furthermore, Immutable partnered with <a href="https://sp-edge.com/updates/22566">Amazon Web Services (AWS)</a> to develop infrastructure solutions to assist companies in developing and scaling blockchain-based games, and <a href="https://sp-edge.com/updates/24637">Amazon Prime Gaming</a> to list in-game content for Gods Unchained in the latter’s platform. This partnership also aimed to introduce the game to a broader audience circle through Amazon's platform, which boasts over 200 million Prime Gaming members. It also collaborated with <a href="https://sp-edge.com/updates/25892">Axelar</a> to integrate games built on Immutable's zkEVM into the Axelar network to enhance user onboarding across blockchain.Funding and financialsIn March 2022, Immutable raised USD 200 million in a Series C funding round led by the Singapore state investment fund Temasek at a valuation of USD 2.5 billion. The company planned to use the funds for its gaming studio improvements, geographic expansion, and potential mergers and acquisitions. Immutable also planned to hire 200 new employees.

Immutable

Mythical Games is a video game studio building games based on blockchain technology, playable NFTs, and play-to-earn game economies. The company was developing two games—NFL Rivals and Blankos Block Party.Blankos Block Party is the company’s flagship game, launched in June 2022 as an early access edition for PCs only. The game is an open-world multiplayer game with a focus on custom art and design, building, and exploration. It is free to play, with the option for purchasable in-game cosmetics, accessories, and limited edition Blankos (NFT character).In May 2022, NFL and the NFL Players Association partnered with Mythical Games to develop an NFT-based video game NFL Rivals. The game was launched in 2023, with players taking part in arcade-style gameplay, assuming the role of NLF general manager. They can collect and trade players represented as NFTs on the secondary market via the iOS and Android apps, as well as Mythical’s web-based marketplace. In addition, a unique feature of the game is the “squad system,” which enables players to team up with fellow players to compete with others.Mythical Games also enables other game developers and publishers to build or integrate blockchain-based play-to-earn economies into their games through The Mythical Platform. The platform also includes built-in regulatory KYC/AML compliance and indemnity as well as a verified wallet for transacting both real and cryptocurrencies. Further, the company also offers a marketplace that enables users to sell and trade their digital assets.The Mythical Platform is built on an EVM-compatible sidechain Mythical Chain, which uses a proof-of-authority consensus mechanism to validate transactions. The chain also offers interoperability features, allowing players to transfer and trade NFTs across multiple blockchains. It also claims the minting of NFTs and integrating the marketplace over its platform does not require mining.It acquired <a href="https://sp-edge.com/updates/15966">DMarket </a>–a digital gaming asset marketplace–in January 2023, and utilized its technology to launch an improved version of its own marketplace (Mythical Marketplace 2.0), with features such as a blended payment gateway and AML and fraud protection systems.Key customers and partnershipsAs of June 2023, the company reported to have achieved daily gross sales exceeding USD 1 million and gained more than 2.5 million new users over the past year. Moreover, it expects to reach over 20 million player accounts across its entire game portfolio by the end of 2023, primarily propelled by NFL Rivals and the upcoming release of Nitro Nation World Tour.The Mythical Platform’s first developer partners were announced by the company in November 2021, which includes 1) CCG Games to create Epic Spell Wars: Magic Fight, a trading card game; 2) Creative Mobile to create Nitro Nation – World Tour, a racing game; and 3) Abstraction Games to create a new action strategy title. These were slated to be released in 2023.Funding and financialsIn November 2021, Mythical Games raised USD 150 million in a Series C round led by Andreessen Horowitz at a valuation of ~USD 1.3 billion. Additionally, it raised <a href="https://sp-edge.com/updates/19719">USD 37 million in a Series C1 </a>funding round led by Scytale Digital in June 2023, at a similar valuation. This funding round is expected to close later in 2023 and reach USD 57 million-67 million. It had planned to utilize the fresh funds toward initiatives that will drive profitability within the next year and expand its games and infrastructure to reach a larger audience.

Mythical Games

Storj Labs developed the Storj Decentralized Cloud Storage (DCS) network that works by compressing, encrypting, and splitting files into more than 80 smaller pieces to distribute and store them across a global network of individual storage nodes, which are excess hardware space rented out by individuals in return for a fee. Storj audits its network through random file verification every hour, which ensures its files are consistently being hosted by its nodes; it automatically reconstitutes the data when it is required by the user. The company claims to have more than 10,000 active nodes with over 6 petabytes of available storage capacity spread across the world, as of August 2022. It uses its native token STORJ, which is used by customers to pay for providers of decentralized storage.Key customers and partnershipsStorj partnered with <a href="https://sp-edge.com/companies/792614">Matter Lab’s </a>zkSync Era ( <a href="https://sp-edge.com/updates/18986">in May 2023 </a>) to integrate the latter's zero-knowledge roll-up technology into its cloud storage platform to optimize transaction speed, reduce gas fees, and improve the overall efficiency of the payment process. Additionally, the partnership enables EVM-compatible composability for decentralized storage payments, providing customers with increased flexibility and a wider range of customization possibilities. As part of the development, Storj also had plans to develop and maintain two open-source libraries, Crypto-Batch-Payment and Storjscan, which will focus on creating a seamless onboarding experience for its customers on the zkSync Era network.

Storj

Includes companies that form the Web3 ecosystem

Web3 is based on blockchain tech, a key enabler of the industry

GenAI tools help develop smart contracts and query the blockchain for data

Providers of node-as-a-service and SDKs to build dApps operate under this model

Platforms that provide tools such as SDKs, blockchain node infrastructure, and bridges for developers to create, host, debug, and add extra functionality to dApps on one or many blockchains.

Union Labs

Web3 Ecosystem

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Recent Updates

Union Labs plans to integrate with AggLayer for blockchain interoperability and liquidity sharing

Union Labs raises USD 4 million in seed funding for recruitment and enhancing its product

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