Web3-focused Sovereign Labs, which aims to deliver unlimited scalability to interoperable blockchain platforms, announced that it has raised $7.4 million in a seed round. This investment round was led by Haun Ventures. The Web3-focused company was founded by Cem Özer and Preston Evans in March 2022. The company is developing an “open, interconnected collection ecosystem” with a software development kit (SDK) to provide a framework for secure interoperable zero-knowledge collections (ZK-Rollups).
ZK- Rollup leverages zero-knowledge proofs to enable scalability on blockchain networks. A zero-knowledge proof is a blockchain system that does not require the disclosure of key information in order to execute a command. The startup is backed by several angel investors and web3-focused companies such as Haun Ventures, Maven 11, Robot Ventures, Plaintext Capital and 1k(x).
Sovereign Labs to Simplify Scaling Every Time
Sovereign Labs co-founder and CEO Cem Özer made statements about the investment they received. Ozer; “the goal of our company has always been to simplify scaling.”. For people who have been operating in the blockchain industry for more than four years, it was stated that ZK-rollups and rollups have a great impact on scaling blockchains to the masses. He added that without scaling, it is not possible to use current blockchain systems today.
Preston Evans, the company’s co-founder and chief technology officer, stated that they will simplify scaling, never compromising security and adding functionality to the existing chain. He also emphasized that they are working specifically on tools that regular developers can access. Evans and Ozer said that their company has no plans to launch a token and is only focusing on designing the SDK. With the new investment, Sovereign Labs aims to expand its audience by increasing both its platform and its team.