Movement Labs, the creator of a modular framework for decentralized applications written in the Move programming language, shares the details of its recent funding round and SDK launch. The ecosystem moves one step closer to the launch of M1, a Move-powered Layer-1 blockchain.
Movement Labs completes pre-seed funding with $3.4 million raised
Movement Labs, a builder of infrastructure for Move-based on-chain applications, has successfully completed its pre-seed funding round. The net volume of funds raised totals $3.4 million. The round was co-led by a clutch of highly reputed VCs, including the likes of Varys Capital, Ava Labs, Blizzard The Avalanche Fund, Borderless Capital, dao5 and so on.
A number of top angel investors, including dao5's George Lampeth, Eigenlayer's Calvin Liu, Berachain's Smokey The Bera, Avail's Anurag Arjun, GMX's CoinFlipCanada and the cofounder of Ankr (ANKR) also backed the start-up in its fundraising efforts.
Rushi Manche, cofounder of Movement Labs, stressed the importance of this funding campaign for his team's development and marketing progress:
The Move programming languages blows the roof off the ceiling to Web3 innovation. Benefits for smart contract developers include direct interaction with digital assets through custom resource types, flexibility with transaction script declaration, on-chain verification, and bytecode safety priviledges. Move also aims to solve many security and performance flaws of Solidity, including re-entrancy attacks, DoS attacks, resource inefficiencies, and bugs introduced during the compiling process.
As covered by U.Today previously, Move language gained traction among enthusiasts of non-EVM networks because of the mainnet release of L1 blockchain Sui Network.
"Next Solana" Aptos Network (APT), a blockchain that organized the most anticipated airdrop of 2022, is also based on Move programming language.
Movement SDK kicks off to advance cross-blockchain interoperability
Lydia Chiu, a vice president of business development at Ava Labs, is excited by Movement Labs' mission and vision:
Movement Labs' vision is striking and is complementary to Avalanche's focus on supporting innovative Web3 projects at scale.
Besides completing pre-seed funding, Movement Labs releases its hotly anticipated software development kit, i.e., Movement SDK. It is designed to equip developers working in the Move language with modular and easy-to-use instruments for software building.
Movement SDK's launch is centered around M1, a horizontally scalable and vertically composable L1 blockchain designed to combine accessibility and performance.
M1 natively supports EVM tooling by living within the Avalanche (AVAX) consensus, the team adds.