The San Francisco-based decentralized application development firm Near has closed a seed round where it managed to raise $12.1 million.
The oversubscribed round was led by hedge fund MetaStable Capital and venture capital firm Accomplice. Electric Capital, Pantera Capital, and Amplify Partners also participated.
The firm believes that this parallel approach could eliminate network capacity limits by allowing the network to scale linearly when more nodes are added.
“We believe that Near’s developer-friendly proof-of-stake protocol will usher in a new wave of decentralized applications and give power back to end users,” said Accomplice’s crypto investments director Ash Egan.
“The Near team is focused on building developer tools and creating an ecosystem that is inclusive of developers, designers, and business development backgrounds, which differentiates them from most other projects in the space,” added Pantera partner Paul Veradittakit.
Near plans to recruit more developers and build out a mainnet for the NEAR Protocol platform, which is currently scheduled for release by the end of 2019.
The platform’s ongoing beta has fewer than 10 users at the moment, but Near CEO Alex Skidanov noted that they are already in contact with 75 projects for the protocol. The firm has also sent out an open call for interested beta participants.
“Assembling a world-class development team and creating the technology is really just the first step – the next is launching a global movement that puts blockchain technology in the hands of the developers and entrepreneurs who will carry it to consumers everywhere via the apps and businesses they create,” he explained.