Blockchain tech startup Automata Network launches with $1m seed raise

Blockchain tech startup Automata Network announced its official launch with a seed raise of US$1 million.

The round was jointly led by KR1, Alameda Research, IOSG Ventures, Divergence Capital, and Genesis Block Ventures, according to a statement.

Photo credit: Serhii Yaremenko

Automata Network is a decentralized service protocol that aims to bolster the privacy, assurance, and capabilities of decentralized applications (DApps), or apps built on a decentralized network. The company said its tech can be integrated to apps on Ethereum and Polkadot.

Its privacy product, Geode, offers various functionalities including universal front-running prevention, tamper-proof data sourcing, and do-not-track indexing, among others.

For blockchain, “community is such an integral part of the value creation process,” said Deli Gong, co-founder of Automata Network. “With the deployment of Automata Network, we aim to make every user interaction along the data chain private, intuitive and secure once more.”

According to the company statement, Gong helps lead a team of serial entrepreneurs, researchers, and cryptographers, including previous founding members of public blockchain platform Zilliqa.

In 2020, the team was a recipient of the Web3 Foundation grants program, and it was also selected into the Web 3.0 Bootcamp, a six-month program for companies building for Web 3.0 with Substrate and Polkadot network.