Analog has raised $16 million in a funding round led by Tribe Capital to develop its cross-chain communication tools, valuing the company at $120 million.
The funds will enable Analog to build out its vision of an integrated blockchain ecosystem through tools like Timechain, Analog Watch, General Message Passing (GMP), and Timegraph SDK.
“We’re excited to continue building the next generation of cross-chain communication tools with such incredible support from our partners,” Analog founder Victor Young said in a tweet.
— Analog (@OneAnalog) February 12, 2024
Funding Boosts Infrastructure Development
The funding round included support from NGC Ventures, Wintermute, GSR, NEAR Foundation, Orange DAO, Samara Asset Group, and others.
Young said the funding “marks a significant step forward in our journey to pioneer cross-chain communication.” Analog aims to build “all the necessary features for cross-chain development as a single toolkit” rather than relying on third-party solutions, he added.
Testnet Launches with Novel Features
In December 2023, Analog launched a testnet giving users early access to tools like Analog Watch, Watch SDK, and General Message Passing on Timechain. Young hopes the testnet will generate feedback to improve Analog’s products.
With this funding, Analog is well positioned to advance its vision of enabling a seamless, interoperable blockchain ecosystem through infrastructure that lowers barriers for blockchain developers.