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Sovereign Labs, a crypto project focused on building rollups, has raised $7.4 million in seed funding.
The round was led by Haun Ventures, with participation from Maven 11, 1KX, Robot Ventures and Plaintext Capital. The funding puts the company’s valuation in the “eight figures” range, according to a project spokesperson. Sovereign Labs declined to disclose the exact valuation.
Sovereign Labs builds a software development kit (SDK) that makes it easy for developers to create interoperable zero-knowledge rollups. A rollup is a special type of blockchain that gets part of its security from another blockchain, allowing scalability without sacrificing security.
The new Sovereign SDK is designed to be interoperable, scalable, and seamlessly deployable on any Layer 1 blockchain.
“We are actually completely ignorant about the blockchain that rollups roll up on,” said Cem Ozer, co-founder and CEO of Sovereign Labs. added that it is compatible with layer 1 blockchains in
Zero-knowledge (zk) rollup proofs use a type of encryption that allows you to prove the validity of a statement without having to reveal the underlying information. Recently, the hot sector has not only attracted substantial venture funding, but also serves as a core component of existing crypto projects such as zkSync, Starknet, Zcash and Mina.
“Historically, building with zero knowledge has only been accessible to a few PhDs in cryptography,” Preston Evans, co-founder and chief technology officer at the company, said in a statement. “At Sovereign Labs, we build tools that regular developers can access.”
read more: What is rollup ZK rollup and optimistic rollup explained
Ozer and Evans added that Sovereign Labs has no plans to issue tokens and is “100% focused” on building the SDK framework.
“From our perspective, all other systems (like subnets and bridges) have lost end-user verification, a core property of blockchain,” said Ozer. “Once we lost it, it might have been better to build these systems on top of [Amazon Web Services]”