PALO ALTO, Calif.—Mysten Labs ("Mysten"), a Web3 infrastructure company and developer of the Sui Layer 1 blockchain, announced the initial close of its $300 million Series B funding round, valuing the company at over $2 billion. The funds will accelerate development of core Web3 infrastructure and expand adoption of the Sui ecosystem, with a focus on strategic hiring, particularly in the Asia-Pacific region.
Funding Round Details
Led by FTX Ventures, the round included participation from:
- a16z Crypto
- Jump Crypto
- Binance Labs
- Coinbase Ventures
- Circle Ventures
- Lightspeed Venture Partners
...and other top-tier investors.
👉 Discover how Sui's blockchain innovations redefine scalability
Sui Blockchain: Built for Mass Adoption
Founded by ex-Meta Novi Research executives and architects of the Diem blockchain and Move programming language, Mysten Labs designed Sui to address critical Web3 challenges:
- Horizontal scalability via novel consensus algorithms and data structures
- Low-cost transactions with expandable storage/throughput
- Move-based smart contracts enabling dynamic, composable assets
- Object-centric architecture for latency-sensitive applications
"Sui eliminates middlemen and lets users seamlessly interact with Web3 products," said Evan Cheng, Mysten CEO.
Why Investors Back Sui
FTX Ventures
"Sui’s parallelizable agreements and object-centric model make it a next-gen Web3 platform." — Amy Wu, Partner
a16z Crypto
"Sui’s architecture improves scalability, unlocking new applications for broader audiences." — Arianna Simpson, General Partner
Jump Crypto
"Sui’s object model opens a novel design space for highly composable, low-latency apps." — Kanav Kariya, President
Strategic Partnerships
Netmarble F&C (Korean gaming leader) plans to build its metaverse on Sui, citing its ability to support high-performance games at scale.
About Mysten Labs & Sui
- Mysten Labs: Creates foundational Web3 infrastructure. Team includes Diem/Move pioneers.
Sui: First Layer 1 blockchain designed for the next billion users, offering:
- Instant settlements
- High throughput
- Rich on-chain assets
- User-friendly experiences
👉 Explore Web3's future with Sui’s groundbreaking technology
FAQs
Q: What makes Sui different from other Layer 1 blockchains?
A: Sui’s object-centric data model and parallel transaction processing enable unmatched scalability and low fees.
Q: How will Mysten Labs use the $300 million funding?
A: To scale Sui’s infrastructure, grow the ecosystem, and recruit top talent globally.
Q: Why is Move programming language significant?
A: Move’s security-focused design prevents common smart contract vulnerabilities, making Sui safer for developers.
Q: Which industries can benefit from Sui?
A: Gaming, social media, DeFi, and metaverse projects requiring high-speed, low-cost transactions.
Q: When was Sui launched?
A: Development began in 2021 by Mysten Labs’ team of ex-Meta blockchain architects.