Web3 platform Analog has bagged a cool $16 million in funding to bolster its cross-chain communication tools for developers, pushing its valuation to a whopping $120 million. The funding round saw participation from a mix of crypto projects and Web3 funds, including Near, Wintermute, Orange DAO, Benqi Finance, and Quantstamp.
Venture capital firms Tribe Capital, Alumni Ventures, and NGC Ventures also joined the party, along with former Coinbase exec Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group.
Analog, the brainchild of Victor Young and Sanchal Ranjan, was born out of a need for cross-chain data triggers for smart contract execution. Young, while working on algorithmic trading bots, spotted this gap and decided to fill it. “The idea of Analog was born,” he told Cointelegraph.
The team at Analog, with experience from the Polkadot ecosystem and cross-chain ecosystems like Cosmos and Chainlink, is now building a product that allows developers to query data from smart contracts across different blockchain networks.
Young gave an example of a cross-chain DEX aggregator needing to pull data for each specified pair across different DEXs on various chains to provide users with the best routes and accurate price discovery mechanism.
Analog is also rolling out a software development kit for general message passing, enabling communication and interoperability across blockchains for asset transfers, automated market makers, decentralized exchanges, and nonfungible tokens.
As Web3 rapidly becomes multichained, solutions for cross-chain communications are growing. LayerZero and Axelar companies are also developing solutions to facilitate communication between networks.
But Analog aims to stand out by focusing on cross-chain development features combined in a single toolkit rather than relying on third parties, such as oracles. “We’re more developer-focused and are working on showcasing the breadth of our product’s reach through a lot more different verticals,” Young stated.