Agoric Raises $4M in Funding Backed by Ripple’s Xpring, Outlier Ventures

Blockchain startup Agoric has secured $4 million to carry on with its goal to make smart contracts more secure, the firm revealed May 13.

Established last year, Agoric is working to create a blockchain-agnostic programming language, particularly for smart contracts. Based on javascript, the language will enable programmers to facilitate formal verification processes while still being more widely accessible than other languages utilized for blockchains today.

The firm revealed in a press release that it had raised new funding from Ripple’s Xpring, Kilowatt Capital, gumi Cryptos Capital, Outlier Ventures, MetaStable Capital, Lemniscap, Interchain Foundation, and Rockaway Blockchain, along with additional funding from the Electric Coin Company (also known as the Zcash Company), Polychain, and Naval Ravikant.

The startup aims to increase the size of its team with the new funding, focusing on the engineering and business development departments as it expects to launch its technology publicly.

Agoric’s next particular intention is to introduce a testnet, as well as “build out interoperability with top-tier next-generation decentralized projects.”

Chief scientist Mark Miller said in a statement that smart contracts can sometimes be “prone to a number of extremely expensive errors.”

According to Miller, even seasoned professionals are not exempted in accidentally writing a bug into a contract, adding that:

“Programming smart contracts in the way the industry does it now is just too hard and too hazard-prone, and the losses are too great. This is a huge problem and one that needs to be fixed.”