Ava Labs raised millions of dollars during ICO.

Ava Labs raised millions of dollars during ICO.


AVA Labs, the team behind Avalanche, the platform created to develop open source blockchain-based applications (dApps). AVA Labs is founded by Emin Gün Sirer , a Cornell University professor. AVA Labs started in 2019 with $ 6 million in financial support from the Andreessen Horowitz side. Among its first capitalists are Metastable, Polychain, Naval Ravikant and Balaji Srinivasan.

Recently Ava Labs' Avalanche launched its US-based initial public offering. Avalanche's ICO was the highest fund ever held since 2017. In total, $ 42 million in funding was collected at the ICO, which was completed in 4.5 hours.

In early 2020, AVA Labs bought a startup called "Investery", founded by John Wu. In addition to facilitating financial transfer in real markets, "Investery" also provides technical support to investors in making investment decisions.

Following AVA Labs' acquisition of Investy, AVA added talent such as John Wu and Lydia Chiu to its roster. John Wu now holds the position of President of AVA Labs. Wu uses his experience at Tiger Management in the development of AVA Labs.

John Wu's statement about DeFi platforms, which have been hugely popular in recent days;

"Low processing speed and high operating fees are damaging DeFi growth... no blockchain project has Wall Street Experience and the technological infrastructure of AVA Labs. Avalanche technology can scale back what Wall Street can demand and will develop financial applications with high transaction rates.”

We can't see it in the CoinMarketCap rankings yet, as Avalanche (AVAX) is a new ICO. As a label only, we can see Avax's information on CoinMarketCap. But we are sure, we will see top spot on Coinmarketcap and on the prestigious cryptocurrency exchanges platforms very soon.