Venture Capital Firms Castle Island Ventures and RW3 Ventures Lead $4 Million Seed Investment in Nirvana Labs
Nirvana Labs Secures $4 Million Funding for Web3-Specific Cloud Services
Nirvana Labs, a cloud infrastructure provider specializing in services for Web3 companies, has announced that it has secured a $4 million funding round. The funding round was led by Castle Island Ventures and RW3 Ventures, two well-known investors in blockchain and Web3 startups.
With this funding, Nirvana Labs aims to enhance its "specialized cloud services," offering a web3-specific alternative to conventional cloud providers. The company's infrastructure offerings include RPC endpoints with advanced features, making it a relevant player in decentralized app development environments.
Nirvana Labs has already onboarded several Web3 companies, including Chainlink, BitGo, Goldsky, DeltaPrime, Thirdweb, Airchains, and Pairpoint. The company's cloud service supports multiple blockchains and networks, including Polygon, Ethereum, Polkadot, Base, Optimism, Neo, BNB Chain, Avalanche, and Arbitrum, among others.
Devin Bandara, founder of Nirvana Labs, stated that the company aims to deliver unparalleled cloud performance and cost savings for its customers in the web3 space. However, no further information about the funds raised or their intended use was provided.
The seed round also received participation from BitGo Ecosystem Fund, Hash3, Third Earth, and Play Ventures. Nirvana Labs' goal is to provide a specialized cloud service tailored for the unique needs of on-chain applications within the web3 space.
While the company continues to onboard Web3 companies, no new names were mentioned in the current announcement. Additionally, no further details about the progress or development of Nirvana Cloud were provided. The company claims its service can help companies cut cloud-related costs by approximately 42%, but no new claims about the performance capabilities of Nirvana Cloud, such as low latency, high throughput, high availability, or customization capabilities, were made in the current announcement.
