Nischal Shetty led Shardeum raises $5.4 Mn in strategic round

Shardeum, an Ethereum Virtual Machine (EVM)-based sharded blockchain, has raised $5.4 million in a strategic round from Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, and Blue7.

This follows Shardeum’s $18.2 million seed round in October 2022 from backers such as Jane Street, Big Brain Holdings, Struck Crypto, and The Spartan Group.

Shardeum aims to leverage the funds to support the growth of the ecosystem in the lead-up to the mainnet launch later this year, the company said in a blog post.

Founded in 2022 by Nischal Shetty, founder of Wazirx and Omar Syed, Shardeum is EVM-based layer 1 blockchain which uses sharding to increase TPS (transactions per second) with the addition of every new node while retaining atomic composability. The platform provides low gas fees forever while maintaining decentralization and security through dynamic state sharding.

As per the company, over 7.4 million transactions have taken place on the testnet, with over 820K accounts and over 230K contracts deployed.