The company stated that their initiative aims to address vulnerabilities in smart contracts and improve transaction speed. The funding round drew investments from well-known venture capital firms such as Hack VC, Placeholder, Figment Capital, Bankless Ventures, OKX Ventures, and Aptos Labs. Movement Labs reported that between 2022 and 2023, the Ethereum ecosystem suffered losses exceeding $5.4 billion due to smart contract exploits. Key contributors to the fund included Varys Capital, the Avalanche Fund by Blizzard, dao5, Borderless Capital, and others within the Wormhole developer ecosystem.
Notable angel investors in the round included Chandler Song, Ryan Fang, and Stanley Wu from Ankr, as well as George Lampeth from dao5, and Calvin Liu from Eigenlayer. The funds from the pre-seed round will be used to launch the Movement SDK, a tool designed to simplify the creation of secure and high-performing Move environments for established blockchains. Covalent’s Unified API, offering seamless access to real-time and historical blockchain data, stands as a crucial tool for AI in web3. Additionally, the GoldRush Kit enhances the user experience by providing a user-friendly interface for accessing and visualizing historical blockchain data within the Movement Labs ecosystem.