Essential has successfully secured $11 million in Series A funding. The round was led by Archetype, with contributions from IOSG, Spartan, Mirana, Amber Group, Maven 11, Bodhi Ventures, Big Brain Holdings, Heartcore Capital, Selini, DCLM, and Propeller Heads, and others. This funding will accelerate the development of Essential’s blockchain, which aims to revolutionize web3 by enabling consensus on state updates without onchain execution. Dmitriy Berenzon, Partner at Archetype, expressed excitement about collaborating with the Essential team to build a chain from first principles with intents as the core design pattern, empowering developers to create more sophisticated and scalable applications. Unlike traditional blockchains that rely on transaction-based interactions and onchain execution, Essential’s declarative design focuses on outcomes, meant to allow for more efficient and user-friendly state updates.
Declarative Blockchain Developer Essential Secures $11M Series A Round
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