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Taiko Announces $15 Million Series A Investment Round!

A blockchain project focused on scaling Ethereum, Taiko, announced its $15 million Series A financing round as it prepares for the mainnet launch.

Taiko said in a statement on Saturday that Lightspeed Faction, Hashed, Generative Ventures and Token Bay Capital accompanied the financing round. Other investors in the round included Wintermute Ventures, Flow Traders, Amber Group, OKX Ventures and many investor companies.

It is not yet clear whether the round has fully closed; the announcement talks about “closing commitments” and includes a note saying “certain investments continue to be subject to regulatory approval”.

The Series A announcement came after the project announced two financing rounds worth $22 million last June. It is unclear when Taiko started raising money for the last round and whether it used equity, tokens or a hybrid structure. Co-founder and Chief Operating Officer Terence Lam refrained from commenting on the timeline, structure and valuation but said all three rounds had the same structure.

The project launched its sixth test network last month and is preparing to launch its mainnet in the coming months.

What is Taiko?

Taiko is a Layer 2 scaling initiative aiming to make Ethereum cheaper while maintaining its fundamental features such as being censorship-resistant, permissionless, and secure. It is building the “Type 1” ZK-EVM, a ZK rollup that supports zero-knowledge proof computation and is compatible with the Ethereum Virtual Machine.

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