Analog, a blockchain interoperability project focused on building cross-chain communication infrastructure, has successfully raised $16 million in a seed and strategic funding round. The funding round was led by Tribe Capital, with participation from prominent investors such as NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Mike Novogratz’s Samara Asset Group, and Balaji Srinivasan, among others. The round, initiated in October and concluded in December, saw Analog’s fully diluted valuation soar to $120 million.
Project Background and Leadership
Founded in 2021 by blockchain developer and investor Victor Young and former Y Combinator-backed entrepreneur Sanchal Ranjan, Analog is headquartered in Bangkok and Zurich. The project aims to develop cross-chain communication tools to facilitate interoperability across various blockchain networks.
Key Products and Focus
Analog’s core products include Timechain, a blockchain network based on the Rust programming language; a generic message-passing protocol; Analog Watch, a developer-focused tool; and Timegraph SDK and API suite, enabling application builders to create applications spanning multiple chains. Young emphasized the importance of building all necessary cross-chain development features within a single toolkit, eliminating reliance on third-party solutions like oracles.
Technical Details and Infrastructure
Built on Substrate, Analog ensures ease of upgradability compared to its competitors in the event of new proving mechanisms. The project is currently focused on preparing for the launch of its publicly incentivized testnet by the end of the first quarter or early in the second quarter. The mainnet launch is scheduled for the late second quarter, marking significant milestones in Analog’s development roadmap.
Expansion Plans and Team Growth
With the successful funding round, Analog plans to expand its team, currently comprising 30 individuals, across various functions including engineering and business development. The influx of fresh capital positions the project to accelerate its development efforts and pursue its vision of seamless cross-chain communication.
The strong backing from leading investors and the upcoming testnet and mainnet launches underscore Analog’s commitment to advancing blockchain interoperability and driving innovation in the decentralized finance (DeFi) space.
