(Reuters) – Blockchain technology start-up Avail said on Monday it had raised $27 million for its early-stage funding round led by billionaire Peter Thiel’s Founders Fund and crypto investment firm Dragonfly Capital.
Resurgence in the popularity of cryptocurrencies has rekindled interest in the technology underpinning the industry like blockchain, a digital ledger for recording and verifying transactions.
Avail, which spun off from crypto firm Polygon last year, allows customers to build their own blockchains quickly. It is led by former Polygon executives Anurag Arjun and Prabal Banerjee.
Venture capital firms SevenX, Figment, Nomad Capital and others also participated in the round, according to Avail.
The funds would be used for product development, hiring and marketing, Avail co-founder Arjun said.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)
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