Blockchain startup CasperLabs announced it has raised $14.5 million in a series A funding round, which was led by Terren Piezer, an International financier and chairman of Los Angeles-based investment company, Acuitas Group Holdings.
According to the news published on September 10th, CasperLabs is an open-source blockchain that seeks to achieve scale without sacrificing decentralization and has recently raised $14.5 million in a Series A round. CasperLabs stated that the new funds will be used for product development and hiring of new engineers.
The startup launched in February with Ethereum Foundation researcher Vlad Zamfir acting as lead consensus protocol architect. The platform is said to remove barriers that prevent mainstream blockchain adoption and is powered by the first implementation of Zamfir’s CBC Casper proof-of-stake protocol.
Currently, it is working to solve the trilemma of scale, decentralization and security as well as building a developer-friendly platform to build and operate decentralized apps (dApps), based on a version of proof-of-stake (PoS) consensus protocol – specifically Zamfir’s Correct-by-Construction (CBC) Casper PoS.
Mrinal Manohar co-founder and CEO of CasperLabs’ parent firm ADAPtive Holdings has shared his has stated that several technical updates are to be expected in the coming months. He further noted that they welcome any and all feedback via their open source code repository on Github.
Medha Parlikar, CTO of CasperLabs said that the company will be investing in their core technical team, as well as important initiatives including ecosystem support, usability and experience, and more.
“We have been working hard to build the first concrete protocol implementation of CBC-Casper that is provably live and safe. The CBC-Casper whitepaper doesn’t define the complete protocol, so we’re excited to share some big news on this topic soon,” concluded Parlikar.
The funding round was led by financier Terren Peizer, dubbed the “Zelig of Wall Street”, through his personal holding company – Acuitas Group Holdings. Piezer has a long track record in the investment banking world having worked at Goldman Sachs, First Boston, Drexel and more.
Peizer said he had been following and studying the blockchain space since its early days and had been waiting for a company that could build the strength and decentralized aspects of a public chain with the speed, security, and scalability of a next-gen platform.
He further added:
“Scalability of a product and company is the leading driver of value creation. Consistently, the most proficiently scalable company becomes the industry leader.”
Other investors who took part in the funding round include Arrington XRP Capital, Consensus Capital, Axiom Holdings Group, Digital Strategies, MW Partners, Blockchange Ventures, Hashkey Capital, and Distributed Global.