Sparq Labs Inc., the blockchain infrastructure, SDK toolchain, and services company behind SparqNet, has closed a $680,000 seed round with the participation and support from various investors like Big Brain Holdings, Cogitent Ventures, Builder Capital, Blockwall Capital, RenGen, Magnus Capital, and Brian Johnson (Head of Crypto Investments at Republic Capital).
What is the product offering of SpargNet?
SparqNet is a meta-network that provides tools of deployable blockchains capable of up to 400,000 TPS (transactions per second), programmable in any language enabled by Avalanche, and open to any protocol through the on-chain trustless and distributed bridge.
SparqNet also supports DeFi protocols with capabilities such as 2 million swaps per second with cross-chain capabilities, and much more. Beyond GameFi and DeFi, SparqNet’s potential use cases also include decentralized email, VPNs, secure HR portals, cloud services, arbitrage bots, utilities, supply chain management, and eCommerce Software-as-a-Service (SaaS).
What were the executives’ thoughts on the funding?
“This funding enables us to grow our team to accelerate the development of our technologies in addition to expanding our reach in the Web3 market as we shift our focus to launching our testnet,” commented Michael Weinrub, Co-Founder and Head of Business at Sparq Labs.
“Our team is working hard to attract like-minded projects across the industry seeking a solution that is both flexible and scalable from day zero alleviating the worry and “what if’s” of the future as they build out the next generation of decentralized apps,” said Weinrub.
“Developers no longer have to deal with the complexity of learning Solidity or being tied to an EVM, they can now build using the languages they are familiar with. We plan to use this capital injection to run our C++ test net, then deploy Rust and Python compatibility. Rust and C# are our priority,” said Itamar Carvalho, Co-Founder and Head of Technology at Sparq Labs.
What were the investors’ thoughts on Sparg Labs?
“The future and scalability of smart contracts starts with having the right tools and SparqNet is bridging the gap to provide seamless communication between builder and blockchain. We’re excited to be a part of changing the future of web3.” commented Jedd, Big Brain Holdings.
“Avalanche will unlock the potential of subnets beyond what was conceivable, opening many possibilities for the chain. To simplify building for developers, users, and everyone else, Sparq Labs came up with a great solution.” commented Shounak Bal from Cogitent Ventures.
Commenting on SpargNet solution, Dennis Krings-Ernst from Blockwall Capital said, “Blockchain application technology has two main issues: real scalability & limitations of its coding languages. SparqNet solves both, enabling truly scalable, decentralized applications.“
Commenting on SpargNet solution, Andrew Chung of Magnus Capital, said, “Scalability and flexibility is critical to the future of Web3, and Sparq Labs is laying the foundations for builders to create high quality products without limitations. We’re proud to support a project that empowers developers to build real DeFi innovations and Web3 solutions to the space.”
Sparq Labs will soon be launching the SparqNet testnet in Q4 2022 to provide developers with a great first-mover opportunity to begin building and unlocking the true potential of the fastest and most flexible deployable blockchains on the market today.