Blockchain Data Protocol Startup Lava Secures $15 Million in Funding

Lava Protocol Inc., a startup specializing in modular blockchain data networks, has secured $15 million in seed funding. The funding round was led by Jump Capital, Hashkey Capital, and Tribe Capital, with participation from Alliance, Node, North Island, Quiet, Finality, Dispersion Capital, and others. Notable blockchain infrastructure providers and validators such as Alchemy Insights Inc., Blockdaemon, ConsenSys Software Inc., Cosmos, Polkadot, Filecoin, and StarkWare Ltd. also contributed to the seed round.

Lava’s technology stack offers a modular network enabling developers to access blockchain data through remote procedure calls (RPC) and indexing. RPC facilitates communication between applications and blockchains for data reading and writing, while indexing provides specialized utility for discovering data placement, facilitating access and analysis.

Lava employs a modular protocol that enables developers to efficiently access blockchain data, serving as a marketplace for RPC node providers. Data consumers utilize Lava to request blockchain data, which is then provided by RPC providers who receive rewards in return.

Yair Cleper, the founder and core contributor of Lava, stated, “At Lava, our vision is to unlock innovation across Web3 by empowering developers with the flexibility to build on the most performant and scalable infrastructure. Traditionally, infrastructure providers dictate which chains to support, retaining control over access. With Lava, developers have the freedom to build wherever and whatever they desire.”

In the past, developers were often confined to a single blockchain like Ethereum, Solana, or Celo when selecting an infrastructure provider. However, with Lava’s modular marketplace, providers can join and establish data access pathways, allowing developers to access data from any RPC provider partnered with the protocol.

To achieve this, Lava has collaborated directly with various ecosystems through an incentivized RPC program, engaging node providers such as NEAR, Axelar, Starknet, Koli, Agoric, and others. As per the company, there are already over 30 blockchains accessible via RPC.

Currently in the testnet phase, Lava plans to fully launch the protocol in the first half of this year. In anticipation of this launch, Lava is introducing “Magma points,” a system designed to reward wallet users for connecting blockchains through the service.