Blockchain interoperability platform Analog has raised US$5 million, bringing its total funding to US$21 million.

This funding round, which values the company at US$300 million, comes ahead of the launch of its token on Feb. 6.

The round saw contributions from Foresight Ventures, Gate Ventures, BackerDAO, and Black Label Ventures, the venture arm of Black Label Media.

Investors include Sam Kazemian, founder of Frax Finance, and Black Label Media’s co-founders Molly Smith and Thad and Trent Luckinbill, without a designated lead investor.

This marks Black Label Ventures’ first entry into cryptocurrency investments.

Analog began fundraising in November 2024, completing the round in January 2025, with a significant valuation increase from US$120 million in its previous funding round.