Web3 software development firm Kurtosis raises $20M Series A in bid to streamline blockchain ecosystem toolsets
In all but two years, Kurtosis has apparently already captured the minds of talented Web3 developers and the burgeoning engineering potential in the field. A new Series A round, led by Coatue, is now pumping $20 million into the company in a bid to streamline the developer tools that underpin the rather tricky and still infant Web3 ecosystem.
Kurtosis currently helps developers in ecosystems such as Avalanche, NEAR, Solana, and Ethereum, but he hopes to expand his existing services over the next few years. Founded by former Palantir engineers Galen Marchetti and Kevin Today, Kurtosis seeks to make it easier for developers to build Web3 environments, chief among them being a test network environment, in which software developers can tackle problems in a safe space.
“Developers need a place to play and see where their system changes are safe or work. It’s like building an airplane without using an air tunnel on the ground,” Marchetti told TechCrunch. “There are a bunch of cases where the plane crashes immediately. It’s the same here.”
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One of the main goals of Kurtosis currently is to create varied testnets for specific organizations, private or public, which can be used for multiple purposes. Finding a way to mitigate risk in long-term engineering stacks is paramount, ensuring that Web3 hacks are less common in the face of more properly produced early-stage systems. By July this year, a colossal sum of $2 billion had already been lost in 2022 to Web3 hacks, more than all of 2021 combined, proof alone by the fact that Web3 software requires more security settings and dedicated development tools.
Invested through Coinbase Ventures, Olivier Pomel, CEO and Founder of Datadog, Chainsmokers’ Mantis VC, and more, the $20 million influx will allow Kurtosis to add more talent to his roster and help grow his roster. a new product slated to debut within the next six to twelve months, according to Marchetti. The company has already announced its new round of hires across its product and engineering lines on Twitter and is highly motivated to build better tools for the future of technology.
“We needed to raise capital because the business started with me and my co-founder and the more we learned about the issues people are facing in these [blockchain] environments, the more we realized that the software we had to build as two developers would take us five years, which is way too long,” Marchetti said.
The company’s new bump in capital comes nearly a year after its $2.5 million seed round captured last August. Marchetti himself worked at Palantir as a forward deployed engineer for the better part of five years, while his colleague. Today, who now acts as CTO of Kurtosis, provides a slew of previously built active and dead tools on its own webpage, chief among them being a financial planning tool called Wealthdraft.
According to the company’s LinkedIn page, Kurtosis currently employs a total of four people, which makes talent acquisition all the more dire as it accelerates the production of new products and tools that will only help future generations. engineers and developers working in Web3 long term. term.
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