Canadian Blockchain research and development firm Chainsafe has raised $18.75 million in oversubscribed Series A funding backed by prominent industry firms, including a Canadian venture capital firm, Round13.

According to the announcement, this funding will be used to expand its operation and foster the adoption and sustainable growth of the web3 ecosystem by creating long-running blockchain development tools. Other investors included in the financing are NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital.

Launched in 2017, Chainsafe is a blockchain infrastructure company co-founded by Aidman Hyman and Hatcher Lipton at an Ethereum meeting in Toronto. The company started at a time when the blockchain industry was still in its infancy and needed better development tools.

“We have been close to Chainsafe in the early days, when decentralized protocols defined themselves and became a reality,” Joe Lubin said in the announcement. He added: “This increase allows Chainsafe to continue on its path of developing thoughtful synergistic products and protocols.”

Chainsafe has been the developer behind multiple projects on chains. One of his recent projects includes web3.unity, a software development kit (SDK) for connecting Unity games to blockchain technologies and cross-chain bridging solutions.

Despite the extreme market conditions, Chainsafe is not the only company getting fundraisers. On Monday, Tapio Protocol, a Polkadot-based synthetic asset protocol, acquired a total of $4 million in funding to foster the efficiency of crowdsourcing derivatives and participation in the Polkadot blockchain.

Investors in seed round funding included Spartan, LongHash, 0xVentures, CMS, D1 Ventures, 11–11 DG Partners, Genblock, Valhalla, PAKA, and Double Peak.

Additionally, last week, Blockchain.News reported that Uniswap Labs raised a whopping $165 million in Series B funding to focus on new product launches. The funding round was led by Polychain Capital, with participation from veteran investors a16z crypto, Paradigm, SV Angel, and Variant.

Image Source: Chainsafe