Solana development platform Helius completes US$9.5 million in Series A financing, led by Foundation Capital

Helius, a vertically integrated developer platform designed to help crypto applications build on Solana, today announced it has closed a $9.5 million Series A funding round. This round of financing was led by Foundation Capital, with participation from Reciprocal Ventures, 6th Man Ventures, Chapter One, Propel and others.

Helius’ mission is to simplify Solana’s complexity and support developers with comprehensive improvements to the network. The company was founded in 2022 by former Coinbase and AWS software engineers. The Helius platform provides a comprehensive set of tools to help developers quickly and easily build applications to run on Solana.

Since its launch, Helius has become a major supporter of many projects in the Solana ecosystem, providing critical support to developers in response to events such as the Jupiter airdrop and the migration of Helium to Solana, and to enterprises Integrations like Discord and Shopify provide the power.

Craig Burel, partner at Reciprocal Ventures, said in a statement: "Helius has been committed to the Solana ecosystem from day one."

Solana is a leading Layer 1 network with Known for its low latency, it was once dubbed the “Ethereum killer.” In 2023, Solana’s token SOL rose by more than 400%, making it a top-five project by market capitalization. In comparison, Ethereum’s ETH only rose 66%.

However, Helius noted that the result of Solana’s expansion is that developers are now grappling with complex infrastructure issues, such as lower-level blockchain integration, rather than focusing on improving the applications themselves. Helius CEO Mert Mumtaz said in an interview with Fortune: "Our goal is to continue to build on this foundation and abstract the work of all developers on lower-level blockchain integration."

Mumtaz pointed out that these scaling issues have affected the development process of encryption applications for ordinary users. “Creating applications that are cheap, scalable and efficient is a huge challenge,” he explained. He added that he believes Solana may be the first major network to be able to achieve this goal, “and it fits right in with what is currently being built.” The best standard for such applications."

While at Coinbase, Mumtaz realized the challenges of building a centralized exchange that supported all blockchains. He told Fortune magazine: "Because each blockchain has a unique culture, ecosystem and technical architecture, over-dispersion can make it difficult to control."

Helius Chief Technology Officer Liam Vovk In a statement, it said that a horizontal approach often results in poorly built dapps and poor chain performance. Helius is "wholeheartedly committed to developing Solana and vertically integrating it through the entire stack, from validator plugins all the way to the open source developer SDK."

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