Multicoin and Solana Ventures join $10 million Series A in Permissionless Labs

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The Block2024/09/15 16:00

By:The Block

Quick Take Multicoin Capital led a $10 million Series A financing round in Permissionless Labs, with Solana Ventures and Solana co-founder Anatoly Yakovenko also participating. Permissionless Labs is a core contributor to Pipe Network, a permissionless content delivery network (CDN) on Solana.

Multicoin Capital has led a $10 million Series A in Permissionless Labs, which is a primary contributor to Pipe Network, a permissionless content delivery network (CDN) on Solana.

Robot Ventures, Solana Ventures and Solana co-founder Anatoly Yakovenko also participated in the round.

"The new funds will be used to recruit marketing and engineering roles, scale the network’s points of presence (POPs), and launch a private beta and testnet at Breakpoint, Solana’s annual developer conference," according to a statement. The project is currently in a private devnet, the statement said.

Permissionless Labs, which creates solutions for streaming media applications, aims to create a decentralized digital content distribution system that rivals existing centralized models.

"Pipe Network is architecturally designed to handle traffic for large enterprises the size of Netflix," Permissionless Labs founder and CEO David Rhodus said in a statement. "The CDN industry is ripe for innovation especially with edge-video advertising insertion technology."

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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