Gelato Network has finalized its A+ funding round, with IOSG Ventures at the forefront, reinforcing its stronghold in the Web3 automation sector.
In Brief
The fundraising effort in the A+ round was spearheaded by IOSG Ventures, allowing Gelato Network to broaden its smart contract execution capabilities across blockchains utilizing the Ethereum Virtual Machine (EVM).
Web3 relay network Gelato Network The company announced it has successfully wrapped up its A+ funding round, with IOSG Ventures leading the charge. Established in 2019, Gelato Network is focused on enhancing smart contract automation. Hilmar Maximilian Orth Gelato Network is striving to become an essential contributor to the innovative Web3 ecosystem by empowering developers with tools for automating smart contract executions across different EVM-compatible platforms.
Gelato Network This recent funding injection is geared towards bolstering Gelato Network’s existing functionalities. The goal is to emerge as a leading decentralized technology stack in the Web3 environment.
In late 2023, Gelato Network successfully concluded an extended funding round with IOSG Ventures at the helm. As one of Gelato's initial backers, having co-led the seed investment in 2020, we’ve witnessed firsthand the impressive advancements made by this network.
In 2021, Gelato introduced Gelato Relay, marking a pivotal point in their evolution from a mere automation protocol to an essential service provider for core Web3 infrastructure. With Gelato Relay, front-end applications can achieve a completely gasless user experience while allowing web3 backends to efficiently manage transactions through a decentralized relay network. Gelato effectively streamlines blockchain interactions across leading EVM blockchains, providing a clear, reliable, and scalable approach.
Beginning with the concept of an Ethereum bot designed for DeFi In 2023, Gelato unveiled Web3 Functions, designed specifically for the Web3 ecosystem. This innovation incorporates an additional abstract layer that makes it easier for developers to access off-chain data and perform computations. The company has also positioned itself significantly in the RaaS market.
Recent achievements place Gelato Network as a key player in Web3 automation technology and relaying systems. With a track record of innovation, from Augmented Smart Contracts to the developments of Gelato Relay and Web3 Functions, this fresh round of funding aims to elevate Gelato Network as the foremost decentralized tech stack in the Web3 landscape.
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Disclaimer
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