Aurora, an Ethereum Virtual Machine (EVM) built on the Near protocol, has raised $12 million in its debut funding round. The fund will be used to enhance cross-chain capabilities.
Pantera Capital and Electric Capital were among the roughly 100 venture capitalists who took part in the round.
Aurora will use the funding to enhance cross-chain capabilities beyond what it now offers, as well as hire professional developers to support Ethereum scaling development, according to an official release.
Through its EVM connection and multichain bridge, the scaling solution aims to improve interoperability between blockchains, allowing developers to create multichain DApps.
Aurora also announced that, among other things, it is working on a price oracle, data indexer, automated market maker exchange, and block explorer.
The Ethereum Virtual Machine (EVM) is a blockchain-based computer engine at the heart of Ethereum’s operating system, responsible for transaction execution, smart contract deployment, and other operational features, as well as allowing developers to create DApps on the Ethereum blockchain.
Etherscan, a blockchain data explorer, recently announced a collaboration with Aurora to bring its Ethereum-only service to Near protocol participants. According to Aurora’s CEO, Alex Shevchenko:
“Our goal at Aurora has been to create a future where the obvious gaps between blockchains, developers and users are seamlessly bridged. The success of this funding reinforces Aurora’s appeal among our community and our objective to bring scaling solutions across the crypto ecosystem.”
Crypto.com announced the launch of its proof-of-authority EVM testnet in July of this year, allowing developers and builders to move their Ethereum-based projects to other EVM-compatible ecosystems.