Versatus Labs Raises $2.3 Million To Launch Stateless Rollup

cryptonews.com:

Versatus Labs raises $2.3 million in seed round funding, bringing its valuation to $50 million.

The funding aims to develop the Verastus LASR, a Stateless Rollup. 

In an announcement this Wednesday, Verastus Labs, a peer-to-peer web service protocol aiming to enhance the transition of Web2 developers into Web3, confirmed the successful raise of $2.3 million in a seed funding round, bringing the total valuation to $50 million. The investment round was led by key investors in the Web3 industry including NGC Ventures and Republic Crypto.

Launched in 2020 as VRRB Labs, Versatus has transformed from a layer 1 solution into an Ethereum scaling solution providing users with a seamless frontier in decentralized verifiable compute innovation. The latest funding round, however, aims to extend development on the Verastus LASR, the world’s first stateless rollup, enabling developers to build smart contracts in their preferred language, with their preferred tools.

The pre-seed round raised $1.4 million from Jump Crypto, BigBrain Holdings, Taureon Group, and Hyperithm, seeing the company successfully pivoting into a scaling solution. With a total of $3.7 million raised by Verastus Labs in the past year, the team plans to bring the product to the masses.

Similar to traditional rollups, which do not maintain the entire state of transaction data, enhancing scalability, Versatus introduces its LASR (pronounced “laser”) platform which only allows “absolute necessary data” to be broadcast on the network’s base layer. The platform is purely an execution layer, which allows it to be on any layer on the network, without the high costs and inefficiencies associated with Ethereum.

As Smith explains, LASR will settle transactions on the