Analog has received $16 million in funding from Tribe Capital, according to a recent post on the company’s social media. The resources are to be used for blockchain interoperability.
The post states: “We are excited to continue creating next-generation communication tools with such incredible support from our partners.”
Other major investors in this round include NGC Ventures, Wintermute, GSR, NEAR Foundation, Orange DAO, Samara Asset Group and more.
Victor Young, founder of Analog, said: “The idea for Analog was born in conjunction with a growing awareness of the need for interoperability between chains around the world.”
“This marks a significant step forward on our journey to pioneer inter-chain communication in the blockchain space,” Young said in a post on LinkedIn. “Our goal in the analog world is to create a seamless, interoperable blockchain ecosystem, and this funding will push us toward realizing that vision.”
Analog is working on projects such as Timechain, Analog Watch, General Message Passing (GMP) and the Timegraph SDK to build an infrastructure that will allow blockchain developers to innovate seamlessly.
Young noted: “We’re building all the functionality necessary for cross-chain development into a single set of tools, rather than relying on third parties such as Oracles to achieve the desired functionality.”
In December 2023, the company launched its testnet and began accepting users. The Testnet would allow developers to gather community feedback on products and allow users to try out experimental features.
An early version of general time-chain messaging and access to the Watch SDK and Analog Watch were part of the testnet.