Blockchain-as-a-Service (BaaS) startup Sparq Labs opens Series A round for $18M

Sparq Labs, a Blockchain-as-a-Service startup, has opened its $18 million Series A funding round just six months after raising $680,000 seed capital. The firm is disrupting the blockchain industry with advanced technology, including SparqNet, a protocol offering high-speed transactions and a cross-chain gateway, SparqNet Gateway.

Panama City, Panama - May 27, 2023 —

Blockchain-as-a-Service (BaaS) startup Sparq Labs has announced that it is opening its Series A round for $18 million. This latest fundraising announcement comes less than six months since Sparq Labs raised a $680,000 seed round.

Sparq Labs Inc, the company behind OrbiterSDK and SparqNet Gateway is disrupting the blockchain industry with all-new blockchain technology and infrastructure capable of up to 400,000 transactions per second with native cross-chain capabilities to and from any protocol leveraging any programming language.

SparqNet is a decentralized blockchain-based computer network and a protocol with tools and services to build subnets, app-chains, and decentralized applications with heightened transaction speeds and includes a bridge called SparqNet Gateway that is capable of processing cross-chain transactions from any blockchain, whether on or off SparqNet.

Additionally, Kucoin Community Chain (KCC) by leading blockchain and crypto exchange, KuCoin will be integrating SparqNet's token ($SPARQ) via their Gateway - the latest in a long line of strategic partnerships that Sparq Labs has recently entered with other innovative players in the web3 space.

SparqNet Gateway is interoperable with any supported blockchain, providing seamless communication between smart contracts and blockchains, facilitating the transfer of assets.

“SparqNet Gateway is language-agnostic, meaning that persons utilizing SparqNet can choose any supported programming language when building their decentralized application or service, allowing them to avoid the learning curve of smart contract development by using OrbiterSDK granting developers the ability to develop blockchains capable of up to 400,000 transactions per second (TPS) with native cross-chain capabilities,” Itamar Carvlho, co-founder and Head of Technology at Sparq Labs Inc, explains.

SparqNet Gateway is monetized through cross-chain transactions facilitated by validators of the network for a charge of $0.005 per transaction. OrbiterSDK application chains deployed on mainnet are issued binary NFTs stored permanently on the Arweave ledger and minted for the equivalent value of $1,000 in $SPARQ tokens.

Michael Weinrub, co-founder and Head of Business at Sparq Labs Inc, says, “SparqNet enables a whole new generation of decentralized applications capable of porting legacy systems to Web3. Not only can SparqNet solve the complexities involved in onboarding the next 95% of existing technology but do so with 100% on-chain infrastructure for use-cases in finance, game building, and much more.”

“We are now capitalizing so that we can deliver this uniquely powerful technology at scale. Launching our Series A will drive Sparq Labs’s delivery of SparqNet to meet the rapidly growing appetite for scalable, composable, ultra-fast and language-agnostic blockchains. Sparq Labs is currently in dialogue with a number of investors who see the same transformational opportunities in the web3 world that we do,” Michael.

With well over 20 years of experience between them, Itamar and Michael are deeply committed to redefining the blockchain space, in terms of delivering the fastest on-chain speed and subnet-enabled cross-chain integration for more scalable Web3 projects.

Before founding Sparq Labs, Itamar was working on AVME — a decentralized security suite platform (that includes an antivirus, VPN, password manager, etc.) and the first desktop wallet for Avalanche. Michael has a background building startups mostly in the internet services industry, having started his first company at the tender age of 14.

“We saw the opportunity to build the AVME initial core within the Avalanche Summit Hackathon 2022,” says Itamar. “After concluding it and noticing the superb performance we were achieving with a pre-alpha prototype, we realized that this core could be open to everyone else and thus Sparq (now SparqNet) was born.”

“We were building very similar things. Itamar needed flexibility for infrastructure that existed in web2, and I needed speed for building real-world products/services on-chain,” Michael explains. “We merged our frameworks knowing that if we needed such architecture, there were definitely others out there that needed it too — and it turns out, we were right!”

About Us: Sparqnet is an SDK toolchain that acts as a protocol and allows users to build scalable fast blockchain infrastructure in C++ without relying on any VM, thus erasing the EVM dependency and granting total freedom to both web2 and web3 builders. If you are interested in building with SparqNet get in touch here: https://bit.ly/build-on-testnet

Contact Info:
Name: Troy
Email: Send Email
Organization: Sparq Network
Address: Panama City, Panama
Website: https://sparq.network/

Release ID: 89097880

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