"$5M Strategic Funding Round Secured by EVM-Compatible Layer 1 Blockchain Quai, Backed by Polychain"
Quai Network Secures $5 Million in Strategic Funding Round
Quai Network, the EVM-compatible blockchain network with a unique focus on energy costs, has secured $5 million in a strategic funding round led by Cogitent Ventures. This brings the total raised by Quai Network to $15 million.
The fresh capital will be used to accelerate the development of the Quai Network and boost ecosystem growth. Quai Network aims to intensify research and development efforts, expand its team, particularly in engineering and developer relations, and invest in community engagement initiatives.
The Devnet, the first Devnet with workshares, UTXO transactions, and dynamic sharding, has recently been launched by Quai Network. This Devnet provides developers with the necessary tooling and infrastructure to build on the Quai Network.
Quai Network has made significant strides by refining protocol-level scalability enhancements and leveraging Proof-of-Work as a unique oracle for real-world energy costs. The network enables seamless, trustless interactions across multiple chains and supports fast, low-cost transactions.
Quai Network is introducing a decentralised energy dollar powered by its programmable proof-of-work blockchain. This move further solidifies Quai's position as a leader in creating a highly scalable and secure decentralized ecosystem.
The architecture of Quai Network addresses the pain points of multi-chain systems, setting the stage for high-throughput global execution. Sayantan Mitra, PhD, General Partner at Cogitent Ventures, states that Quai Network's hierarchical structure improves both scalability and security.
Alan Orwick, Co-Founder of Quai, confirms these advancements have strengthened Quai's position in the industry. He further adds that the funding round will help Quai Network to scale its technical capabilities, ecosystem growth, and strategic partnerships aligned with quantum and blockchain innovation trends.
While specific detailed plans post-funding are not explicitly outlined, contextual information suggests priorities such as accelerating quantum technology innovation and ecosystem building globally, launching accelerator programs and growth funds to support startups in quantum and AI, and enhancing product development and market growth through strategic investments and partnerships.
For the most exact, current development plan details from Quai Network, monitoring official announcements or their corporate releases would be advisable.
[1] [https://www.cogitent.vc/portfolio/quai-network/] [2] [https://www.prnewswire.com/news-releases/quai-network-announces-5-million-strategic-funding-round-led-by-cogitent-ventures-301562384.html]
- The future development of Quai Network includes investing in technology to enhance quantum capabilities, scaling technical capabilities for faster and low-cost transactions, and fostering global community engagement to build a strong ecosystem for Quantum and AI startups.
- In addition to expanding its team, particularly in engineering and developer relations, Quai Network plans to use the fresh capital from the funding round to launch accelerator programs, growth funds, and strategic investments for boosting product development and market growth in line with quantum and blockchain innovation trends.
