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Software development company Tendermint has announced that it has raised $9 million in a Series A funding round.
The round was led by crypto investment firm Paradigm, with participation from Bain Capital, 1confirmation, and other notable investors.
Founded in 2014 by Jae Kwon, Tendermint builds and maintains critical state-of-the-art infrastructure for decentralized applications, such as Tendermint Core and Cosmos SDK. Swiss nonprofit Interchain Foundation appointed Tendermint to develop the Cosmos Network.
The funding announcement comes around the same time as the launch of the Cosmos Network – a decentralized network of independent, scalable, and interoperable blockchains.
“The Series A funding is well-timed, closing at the same time as mainnet launch,” Tendermint said.
“Now that the Cosmos Hub is live, myriad projects that have been prototyping their own public blockchains using the Tendermint Core technology are themselves steadily progressing toward launching their own live networks and preparing to open up connections to the Cosmos Hub.”
A number of projects have chosen to leverage the Cosmos SDK and Tendermint Core including the National Thai ID project, Binance DEX, and stablecoin project ‘Terra’.
In an online post dated March 14, Tendermint said that it will use part of the funds to support the continued development of the Cosmos Network and its ecosystem. It will also use the funds to scale its team and work towards a sustainable business model.
“We are excited to support Cosmos’s vision for an ecosystem of interoperable blockchains. The team, led by Jae Kwon, has shown years of dedication and a keen understanding for trade-offs in decentralized system design. We are particularly excited with the team’s progress in building the first production-ready Proof of Stake BFT system, and we look forward to seeing what new decentralized applications that enables,” Matt Huang & Charlie Noyes, Paradigm, said.
