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VC Roundup: private accounts, tokenization, and healthcare infrastructure grab investors’ attention

VC Roundup: private accounts, tokenization, and healthcare infrastructure grab investors’ attention

Blockchain-based startups are still attracting funding even in the bear market, with MetaMask partner Blockaid raising $33 million in October. However, overall funding in the crypto industry has dropped to levels last seen in 2020, totaling $2.1 billion over 297 deals in the third quarter of 2023, according to a report by Messari. In this market climate, investors are scrutinizing projects more closely and looking for tangible real-world applications.

In October, the Nature Science Journal discussed the applications of blockchain technology, particularly praising decentralized autonomous organizations (DAOs) for their potential to support underfunded scientific research. Cointelegraph’s venture capital (VC) roundup features projects that received funding in October.

Untangled Finance completes $13.5M fundraising to bring private credit on-chain

London-based fintech Untangled Finance has raised $13.5 million to expedite efforts in bringing institutional-grade credit with an integrated liquidation mechanism on-chain. The round was led by Fasanara Capital. Untangled Finance focuses on tokenizing real-world private credit assets, such as invoices and SME loans, into on-chain structured credit pools. These pools enable the issuance of collateralized debt notes to both DeFi and TradFi investors. The platform concentrates on private credit markets, as it sees the most utility for DeFi. With the funds raised, Untangled aims to access over 130 verified asset originators spanning 60 countries.

Nocturne raises $6M seed round for private accounts on Ethereum

Nocturne, a protocol enabling on-chain private accounts, has announced a $6 million seed funding round co-led by Bain Capital Crypto and Polychain Capital, with participation from Vitalik Buterin and other members of the Ethereum community. Other investors include Bankless Ventures, HackVC, and Robot Ventures. The company plans to launch on the mainnet in the coming weeks. Nocturne provides a solution that combines stealth addresses, zero-knowledge proofs, and account abstraction to enable private accounts on public blockchains. The seed round will accelerate the development and deployment of Nocturne’s protocol across various ecosystems, with a portion of the funds allocated to legal work to comply with changing regulatory requirements.

Account Labs secures $7.7M in funding for the UniPass Wallet app

Web3 wallet provider Account Labs has announced raising $7.7 million from lead investors Amber Group, MixMarvel DAO Ventures, and Qiming Ventures, among others. The funding coincides with the launch of the company’s first consumer-facing app, UniPass Wallet, on Polygon. Account Labs’ UniPass Wallet app leverages account abstraction to allow users to create and access a self-custody Web3 wallet using only a Google account and top-up with any Mastercard or Visa card. Account Labs was formed from the merger of hardware wallet developer Keystone and software wallet developer UniPass in May 2023. The company aims to address the demand for stablecoin transactions in the Southeast Asia region.

Rymedi raises $9M to expand blockchain-based healthcare infrastructure

Rymedi, a blockchain-based healthcare data exchange platform, has announced a Series A round of $9 million to expand its reach. RW3 Ventures and White Star Capital co-led the round, with participation from Blockchange Ventures, Avalanche’s Blizzard Fund, and strategic angel investors from the healthcare industry. Rymedi claims to serve over 1 million patients in over 1,200 locations across the United States, Africa, and Australia. The funds will be used to enhance data security and improve healthcare record accessibility for patients. Pete Najarian, managing partner of RW3 Ventures, stated, “We are always searching for great teams that are using blockchain technology to solve real-world problems with the potential to address global markets.”

Waterfall secures $2M funding for mainnet launch

Layer-1 protocol Waterfall Network has raised $2 million ahead of its mainnet launch, scheduled for the first quarter of 2024. Infrastructure provider Bytrade Lab led the funding. Bytrade Lab has become a key investor and user of Waterfall Network following a six-month trial of its tech infrastructure. The protocol is Ethereum Virtual Machine (EVM) compatible and utilizes a technology called Directed Acyclic Graph or “DAG,” which allows for unlimited scalability. Waterfall Network is also collaborating with BlueWave Corporation to develop its smart contract platform.

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