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VC monthly report: funding amount ended a four-month decline in February
According to RootData statistics, in February, there were 120 public investment projects of crypto VC. The number increased 62% month-on-month (74 projects in January 2023) and decreased 23% year-over-year (155 projects in February 2022). Industry-level classification is as follows:
In February, infrastructure projects accounted for about 28%, DeFi about 18%, and NFT/GameFi about 24%.
Total financing in February was US $950 million, up 66.7% month-on-month (US $570 million in January 2023) and down 76.6% year on year (US $4.06 billion in February 2022), ending a four-month decline. More than $20 million of these rotations (excluding CeFi, miners and other centralised institutions) are as follows:
Chain Reaction, a blockchain chip startup, was led by Morgan Creek Digital in the funding, which will be used to expand its engineering team. CEO Alon Webman said the company will begin mass production of its blockchain chip Electrum in the first quarter, and plans to launch a “full homomorphic encryption” chip by the end of 2024, allowing users to process data as well as encrypt it.
Taurus SA is a Swiss digital asset infrastructure company that assists companies in issuing, hosting and trading any digital asset: including Asset Staking and Tokenization. Credit Suisse led the funding round with participation from Deutsche Bank, Swiss private bank Pictet Group and Cedar Mundi Ventures, a Lebanese investment firm focused on technology.
Sabre56, a bitcoin mining consultancy, has so far raised $35 million to build its hosting site, with the goal of building 150MW of installed capacity by the end of the year. The first four sites, totaling 115MW, are located in Wyoming and Texas and have already begun construction. Chief Executive Phil Harvey said the $35 million investment was largely private.
TeraWulf is a BTC mining company that maximizes energy to crypto value chain through power optimization. In January, Cumulus Data announced plans to start TeraWulf this year, making it the first nuclear-powered bitcoin mine in the United States.
Coincover is committed to providing unique technologies to protect the digital assets of crypto companies and individual investors, including monitoring and analysis to identify suspicious transactions accessed without authorization, compensation for certain hacks, and end-to-end encryption vaults for secure storage and private key recovery. The funding round was led by Foundation Capital.
Towns is the first product from Here Not There Labs, a group chat protocol and application designed specifically for online communities. This is a Web3 group chat protocol and application that enables online communities to build blockchain-based gatherings in a fully decentralized manner. Any group can use Towns to meet and chat freely in Spaces designed to suit their needs — without fear that some organisation will change the rules, profit from their activities or take away their rights. The financing was led by a16z crypto.
Beldex is a privacy technology startup. The funding was led by digital asset market maker DWF Labs. The money will be used for research and development of the Beldex ecosystem, with DWF acting as an adviser and helping with marketing campaigns. The Beldex ecosystem includes BChat, a private messaging application, BelNet, a decentralized virtual private network (VPN), the Web3 browser, and cross-chain privacy protocols.