Subzero Labs secured $20 million in a seed funding round. Pantera Capital led this investment. Other participants also included Variant, Coinbase's venture arm, and Susquehanna's crypto desk. Therefore, this funding supports the development of a new blockchain.
The company aims to build a blockchain for real-world applications. This new platform, named Rialo, targets use beyond typical crypto speculation. Moreover, Rialo is designed for non-crypto developers. It allows engineers to replicate tools usually implemented outside a blockchain technology.
Advancing Real-World Blockchain Use
Subzero Labs co-founders Ade Adepoju and Lu Zhang previously worked at Mysten Labs. They contributed to the development of the Sui blockchain. Furthermore, Adepoju, a former engineer at AMD, Dell, and Netflix, founded Subzero Labs in early 2024. The company currently employs 20 individuals.
The seed round closed during the first quarter of 2024. This deal comprised both equity and token warrants.
Rialo is not classified as a traditional layer-1 or layer-2 blockchain. Instead, it offers unique capabilities. For example, it enables direct access to external information like FICO scores. This eliminates the need for external data providers. Consequently, the Subzero Labs funding will accelerate its development.
