Last week, there were 28 public financing events in the crypto market, with a total financing of approximately US$106 million | Investment and Financing Weekly
Reprinted from chaincatcher
02/17/2025·2MCompiled by: Luan Peng, RootData
According to incomplete statistics from RootData, from February 10 to February 16, 2025, there were 28 public investment and financing events in the blockchain and crypto industries, with a total financing of approximately US$106 million.
From the perspective of track distribution, the projects that have received financing are mainly distributed in infrastructure and Defi track. Popular projects include stablecoin company Plasma , DeFi project Defi.App , AI-powered music creation platform SoloAI , and Telegram ecological trading application Blum .
In addition, DeFi platform Legends completed a US$15 million financing, with a16z and Coinbase Ventures participating.
List of projects that raised more than $5 million last week, data source: Rootdata )
1. Infrastructure
FrodoBots completes $8 million financing, led by Protocol VC
FrodoBots Lab announced the completion of a $6 million seed round with a total financing of $8 million, preparing for the upcoming Embodied AI research network BitRobot.
This round of financing was led by Protocol VC, with participants including Big Brain Holdings, Fabric Ventures, Zee Prime Capital, Tioga Capital, Sfermion, Solana Ventures, Virtuals Protocol, as well as Solana Labs co-founders Anatoly Yakovenko and Raj Gokal Angel Investor. In addition, eight founders of DePIN projects such as Aethir and Gensyn also participated in the investment.
Stablecoin Plasma completes $24 million in financing, led by Framework Ventures
According to Fortune, stablecoin company Plasma completed a $24 million financing, led by Framework Ventures, and participated in the investment by cryptocurrency exchange Bitfinex, famous venture capitalist Peter Thiel and Tether CEO Paolo Ardoino.
Plasma plans to launch its own blockchain in the coming months. Plasma co-founder Paul Faecks said that the project is based on Bitcoin blockchain development, adopts a unique consensus mechanism, focusing on optimizing stablecoin transaction efficiency, and will support DeFi protocols such as Curve, Ethena and Aave.
According to RootData , Plasma is a scalable payment and financial infrastructure on Bitcoin. Plasma is built on native UTXO and allows the use of BTC to pay for gas and works seamlessly with existing Bitcoin infrastructure. By leveraging a hybrid UTXO/account architecture, users can unlock new features for holding, staking and deploying their Bitcoins.
DePIN Teneo Protocol completed a $3 million seed round, led by RockawayX and Borderless
DePIN agreement Teneo Protocol completed a $3 million seed round of financing, led by RockawayX and Borderless, and participated by Generative Ventures .
Based on the first layer of peaq of the machine economy, Teneo unlocks social media data for Web3 and Web2 builders through the power of the community. Teneo Community Node is a Web3 browser extension that allows anyone to contribute to the growing data network by collecting public posts from platforms such as X and Reddit.
According to RootData , Teneo Protocol is a DePIN data protocol. By targeting pools of data behind paywalls or currently inaccessible, such as real-time social media insights and machine-generated data from industries such as mobile and energy, Teneo has created a standardized access point. Let AI companies, exchanges, market makers, builders, ecosystems, etc. use it.
Tether announces strategic investment in Zengo Wallet
According to official news, Tether announced a strategic investment in the self-custodial crypto wallet, Zengo Wallet, to enhance global stablecoin adoption. This investment will enable Zengo to support Tether stablecoins in the major blockchain ecosystem, with the specific investment amount not yet disclosed.
ZK Digital Identity Project Holonym acquires Gitcoin Passport for $10 million
The Zero Knowledge (ZK) digital identity project Holonym Foundation acquires Gitcoin Passport, an identity verification platform. The acquisition was completed by the end of 2024.
As part of the acquisition, Gitcoin Passport will rename Human Passport to better reflect its position as a PoH solution that enables individuals to verify their identity without revealing sensitive personal data.
Passport is an authentication aggregator that allows users to collect "seals" or verifiable credentials from various Web2 and Web3 validators such as Google or Holonym. It is designed to protect user privacy and prevent fake identity attacks or hackers from manipulating the network.
NodeGo, a decentralized computing power monetization network, announced a $8 million financing, led by Hash Capital, with the new funding planned to be used to build the network, allowing users and enterprises to contribute to AI tasks by completing spatial computing and other computing, while allowing Participants earn rewards.
2. Defi
DeFi project DeFi.app completed a $4 million financing, led by Mechanism Capital
According to TheBlock, DeFi project Defi.App announced a $4 million financing round, of which venture capital institutions contributed $2 million, led by Mechanism Capital, and DCF Capital Partners, Balaji Srinivasan and Pentoshi participated.
It is reported that later this month, Defi.App plans to conduct public token sales to non-US KYC users.
DWF Labs Strategically Invests in Bidask Agreement to Enhance TON On-Chain Trading
According to Chainwire, Web3 investor and market maker DWF Labs announced that it has invested in Bidask Protocol to enhance TON on-chain transactions, and the specific investment amount has not been disclosed yet.
For Bidask Protocol, this cooperation not only represents a major financial investment, but also an opportunity to integrate DWF Labs into a potential market maker on the platform.
According to official news, Whetstone announced the completion of a $1.3 million Pre-Seed round of financing, with investors including Variant, Nascent, Creditbly Neutral, Uniswap Ventures, Ambush, Figment and several angel investors.
Whetstone launched the Doppler protocol, aiming to optimize on-chain asset issuance and liquidity guidance, reduce robot rush purchases, improve price discovery efficiency, introduce programmable and auditable vesting periods, and improve long-term incentive alignment between project parties and the community. Doppler has been deployed to Unichain and is the first to provide front-end support with Pure Markets.
DeFi project InfiniFi completes $3 million in pre-seed financing, led by Electric Capital
According to InfiniFi official news, the project has completed a $3 million pre-seed financing. This round of financing was led by Electric Capital, with participation from institutions such as New Form Capital, Kraynos Capital and Baboon VC. infiniFi plans to launch a USD-anchored deposit certificate token (DRT) in the second quarter of 2025 and will integrate with protocols such as AAVE, Pendle and Ethena.
Cabal, an L1 construction protocol based on Initia, completed a US$3 million financing, with Delphi Digital, Nascent and Hack VC participating.
Built on Initia's Layer 1, Cabal is inspired by Curve Wars, aggregates VIP rewards and governance powers by allowing users to deposit INIT and LP tokens for liquid, governance-friendly Wrappers.
DeFi platform Legends completed a US$15 million financing, with a16z and Coinbase Ventures participating. The company will use the funds raised in this round to accelerate the development of Legend applications by expanding its team and focusing on marketing.
Legend is currently in beta, and the company's focus is on listing on the Apple App Store and building a reliable user base. In the future, it plans to earn revenue through subscriptions. Legend will attempt to become a self-custodial wallet where users can have complete control over the cryptocurrency they hold.
3. Game
Solana Eco-AI Game Agreement GamerBoom completed a $11 million financing, supported by NVIDIA
GamerBoom announced the completion of a new round of financing, with the participation of SKY Ventures, MBK Capital, INK Capital, CLF Capital, Metaverse Group, Bing Ventures, New Heights, Tuna and other institutions, and has received support from NVIDIA and Solana. After this round of financing, GamerBoom's cumulative financing amount has exceeded US$11 million. Previously, the project received seed round financing from well-known institutions and investors such as Mask Network and DFG.
As a game data analysis and incentive protocol based on AI data annotation, GamerBoom aims to promote the in-depth mining and value release of Web3 game data, and bring more intelligent game analysis solutions to the industry. In addition, the project has been selected for the 8th phase of Binance MVB and has become a SolanaAI Hackathon finalist, further consolidating its leading position in the AI + Web3 gaming data field.
Gam3Girl Ventures Strategically Invest in YGG, Purchase YGG Tokens to Join its Ecosystem
Gam3Girl Ventures, an Asia-focused fund for Web3 game incubation, announced a strategic investment in Yield Guild Games (YGG), joining its ecosystem by purchasing YGG tokens directly from the market.
IV. AI
According to official news, SoloAI, a music creation platform driven by AI, announced that it has successfully completed a seed round of $2 million. This round of financing was led by Sequoia China, with many early angel investors, Crypto KOLs and well-known musicians participating.
SoloAI uses AI-enabled music creation tools to enable users to easily generate high-quality music without professional skills, and provides a decentralized IP distribution and trading mechanism to achieve assetization and fair incentives for music works.
Web3 development studio Mirai Labs completes a $4 million seed round, led by Mechanism Capital
Web3 development studio Mirai Labs completed a $4 million seed round, led by Mechanism Capital, and participated by Oak Grove Ventures, Sophon Capital, Selini Capital, Bitscale Capital, Manifold, Rubik Capital, Protagonist, Lhava and others.
The company plans to use new financing to strengthen its team of engineers specializing in artificial intelligence, machine learning and programming language Rust, in addition to the public launch of Partnr Vaults in the near future.
Mirai Labs is developing a Partnr, an AI agent product focused on encryption. Partnr lets AI agents perform consumer-oriented encryption tasks such as managing wallets and understanding user needs over time. Partnr can connect trainable AI agents to consumers through Partnr Chat, enable vaults for consumers through Partnr Vaults, and enable on-chain execution for AI agents.
V. Others
AIGC music platform Fireverse completes US$2.5 million Series A financing, led by Nobody
AIGC music platform Fireverse completed a US$2.5 million Series A financing, led by Nobody, supported by OKX Ventures, and participated by T-Fund, BingX, GateLabs, Chain Capital, Central Research and Stratified Capital.
According to thirdweb announcement, the company has officially acquired the decentralized social platform Yup to enhance its Web3 social SDK capabilities and support the Farcaster and Lens Protocol ecosystems.
Founded by Nir Kabessa (CEO) and Vernon Johnson (CTO), Yup will focus on decentralized social and identity protocols, and its founders will serve as senior product manager and senior software engineer at thirdweb, respectively. The acquisition aims to promote the construction of portable identity, anti-censorship mechanisms and creator monetization tools, and further accelerate the development of Web3 social applications. The Yup platform will be gradually closed in the coming weeks, but the YUP tokens will remain on-chain.
Telegram's ecological trading application Blum completed a US$5 million Pre-Seed and seed round financing, led by gumi Cryptos Capital, and participated by YZi Labs, The Spartan Group, No Limit Holdings, OKX Ventures, The Open Platform, Bitscale Capital and Wintermute Ventures.
Ethereum security protocol Drosera completes $3.25 million financing, led by Greenfield Capital
Ethereum security protocol Drosera has completed a financing of US$3.25 million, with a total financing of US$4.75 million. The financing was led by Greenfield Capital, led by Anagram, Paper Ventures, Arrington Capital, UDHC, Pulsar and several angel investors Jan Baeriswyl, Luke Hackett, Felix Lutsch, DeFine Logic Labs’ Max, Diogo Costa, Yaroslav Pshenitsyn, Peter Kim, Mara Schmidt, Daniel, Abhishek, Anuj Shankar, and Collin Myers of Swell Labs participated in the bid.
The funds raised by Drosera will be used to accelerate product development, recruit people and prepare for the mainnet scheduled to be launched in the second quarter of 2024.
According to RootData, Drosera is a decentralized incident response protocol that utilizes hidden security intent to curb and mitigate vulnerability crises. It is an automated protocol that abstracts the complexity of creating monitoring systems and auto-response functions for decentralized applications. Drosera provides a framework for creating and executing automatic responses to events on the Ethereum network.
ZK Digital Identity Project Holonym acquires Gitcoin Passport for $10 million
The Zero Knowledge (ZK) digital identity project Holonym Foundation acquires Gitcoin Passport, an identity verification platform. The acquisition was completed by the end of 2024.
As part of the acquisition, Gitcoin Passport will rename Human Passport to better reflect its position as a PoH solution that enables individuals to verify their identity without revealing sensitive personal data.
Passport is an authentication aggregator that allows users to collect "seals" or verifiable credentials from various Web2 and Web3 validators such as Google or Holonym. It is designed to protect user privacy and prevent fake identity attacks or hackers from manipulating the network.
DePIN project Hivello received strategic investment led by Animoca Brands
DePIN project Hivello received a strategic investment led by Animoca Brands. The specific amount has not been disclosed yet. The funds raised will be used for further innovation to simplify the DePIN node and make it more user-friendly.
Hivello is a DePIN aggregator, where users can earn income by monetizing idle computer resources across multiple decentralized networks. Previously, Hivello completed a $1.5 million financing in February last year, and Blockchange and others participated in the investment.
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