Technology

Cosmic Wire raises $30M to expand cross-chain Web3 platform


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Cosmic Wire, a Web3 and blockchain solutions technology company, announced that it has successfully completed its series seed round, raising $30 million in funding. The investment round was led by prominent investors Solana Foundation and Polygon, positioning Cosmic Wire as the first-ever cross-chain funded Web3 company.

The company intends to use the funding to accelerate the development of a decentralized, transparent and secure digital Web3 ecosystem. It plans to expand its Web3 ecosystem through cross-chain technology, facilitating data transfer and interoperability across diverse blockchains.

The company said its primary objective is to give users complete control over their Web3 data and online interactions, fostering trust and individual sovereignty.

“As a startup, we focused entirely on our vision and building working prototype systems that were sorely missing in Web3 and what we considered to be natively necessary for mass adoption,” Jerad Finck, CEO and founder of Cosmic Wire, told VentureBeat. “This investment will allow us to scale and deliver our products and technology ready for mass adoption.”

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Finck stated that his company’s philosophy contrasts sharply with other platforms, as it does not involve trading access to users for ownership. Instead, the company embraces a decentralized approach through cross-chain technology, ensuring interoperability and security “in a true zero-trust environment with no backdoor access, and transparent as all data usage is containerized and time-stamped on the chain. It is, simply put, algorithmic systems built to stabilize and scale with transparency, security and accuracy,” said Finck. “The chain is the internet; the people are the nodes.”

The company is constructing its Web3 infrastructure on the Solana network. It asserts that its metaverse SDK solutions substantially decrease development time for high-fidelity, 3D, browser-based metaverse experiences. These solutions also integrate ecommerce, digital products, content CDNs, payment methods and avatar user-generated content (UGC).

Streamlining blockchain access through cross-chain technology

Finck emphasized that at its core, blockchain functions as an immutable ledger. “We have placed all processes on the chain, including commodity trades, tokenized access, API connections and basic system functions. These processes are driven by an access layer of soul-bound identity, which creates localized ecosystems capable of algorithmically scaling existing and proven processes,” Finck explained to VentureBeat.

He clarified that his company does not radically alter the foundation of operations. Instead, it focuses on leveraging existing systems more effectively and efficiently. He asserts that the company’s cross-chain technology can benefit every Web2 or preexisting system, as it centers on the core values of accuracy, security and transparency in these functions.

The company secured a significant seed round, even amid a challenging market, with leading entities as key investors. Its toolkit has already been licensed into global infrastructure for widespread adoption.

“We aim to revolutionize business practices, communication methods and asset protection, providing users with true ownership rather than mere user status. The entire cross-chain software ecosystem we’ve developed revolves around these core principles,” Finck said.

He highlighted that users will experience a fundamental shift in the cross-chain system, evolving from mere users to empowered owners. Individual ownership is empowered through a global mesh network, enabling trustless interactions within a fully algorithmic and transparent approach, facilitating streamlined and scaled connections.

In addition to the funding milestone, Cosmic Wire has secured participation in Google Cloud’s eagerly awaited Web3 startup program, even before its official launch. Through this program, the company will gain exclusive access to customized resources, including a substantial allocation of Google Cloud credits for two years, unprecedented entry into Google’s Web3 ecosystem and a range of complimentary benefits.

“We did not build into verticals; we built an ecosystem that can be applied virtually anywhere,” said Finck. “We are already in fields from military development to finance, medical to education, entertainment to fantasy; it is not about the genre but about how the tool can be used and implemented to new degrees of extrapolation and efficacy that have not been achieved until now.”

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