Movement Labs Raises $3.4 Million in Pre-Seed Funding for Move Language Development on Avalanche Blockchain
Movement Labs, a community-driven technology company, has successfully completed its pre-seed fundraising round and launched a tool from the Movement software development kit (SDK) on the Avalanche blockchain. This development comes as Movement Labs aims to advance and promote the adoption of Move, a smart contract development language with safeguards against attack vectors like reentrancy and DoS.
During the pre-seed round, Movement Labs managed to raise $3.4 million from various industry leaders and angel investors. Notable participants included Blizzard — The Avalanche Fund, dao5, Borderless Capital, and Varys Capital, along with angel investors such as Ankr’s co-founders, George Lampeth from dao5, and Calvin Liu from Eigenlayer. Elixir Capital, BENQI, and Interop Ventures also contributed to the funding round.
The launch of M1, Movement SDK’s first major tool, is a major step for Movement Labs. Lydia Chiu, the vice president of business development at Ava Labs, the creator of Avalanche, expressed that the company’s vision aligns with Avalanche’s focus on supporting innovative web3 projects. M1, as a unique modular and horizontally scalable blockchain, will address the cold-start issue faced by new non-Ethereum Virtual Machine (EVM) protocols. It will offer high performance and easy access while bootstrapping its ecosystem, liquidity, and validator set within the Avalanche consensus.
By introducing M1 on Avalanche, Movement Labs intends to encourage decentralized growth and involvement from the community. Its transparent tokenomics and low staking requirements will make it easier for developers to access alternative virtual machines without the need to bridge assets, exit established networks, or manage multiple wallets.
Rushi Manche, co-founder of Movement Labs, highlighted the benefits of the Move programming language. He stated, “The Move programming language blows the roof off the ceiling to Web3 innovation. Benefits to smart-contract developers include direct interaction with digital assets through custom resource types, flexibility with transaction script declaration, on-chain verification, and bytecode safety privileges. Move also aims to solve many of the inherent security and performance flaws of Solidity, including reentrancy attacks, DoS attacks, resource inefficiencies, and bugs introduced during the compiling process.”
The Movement SDK’s capabilities enable the company to build a platform with horizontal interoperability and vertical composability. This is made possible by modular Move Virtual Machines that can be connected to any blockchain network through Fractal, a translator that facilitates the compilation from smart contract languages like Solidity to Move.
Overall, Movement Labs’ successful pre-seed fundraising round and the launch of M1 on the Avalanche blockchain signify a significant step forward in the development and adoption of the Move programming language. With the support of industry leaders and angel investors, Movement Labs aims to revolutionize smart contract development and enhance the security and performance of blockchain networks.
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