PiLab Technology (BIFROST) Raises $8.4M in Series A Funding Led by Korea Investment Partners and STIC Ventures
Korea’s two leading venture capital and private equity firms, Korea Investment Partners and STIC Ventures, are known for their past investments in unicorns, including South Korean internet giant Kakao Corp. and entertainment company HYBE. Tracking their seed funding cycle from $3.3 million In 2019, Korea Investment Partners continues this latest Series A round in PiLab Technology.
Investments from Korea Investment Partners and STIC Ventures are worth $5.85 million. In addition, a venture capitalist affiliated with a securities firm has made investments worth at least $2.5 millionwith the close of the Series A funding round for a total of approximately $8.4 million.
PiLab Technology is a research-driven blockchain technology company founded in 2017 by two professors, Dohyun Pak and Jonghyup Lee, to develop a multi-chain middleware platform that allows developers to build decentralized applications (DApps) across multiple protocols.
It has introduced a number of decentralized finance (DeFi) products, including Bi-Fi, BiFi X, chain runner, Biportand an NFT-based Play-to-Earn (P2E) game Summonerand is now focused on building a multi-channel ecosystem using BIFROST’s own multi-channel technology.
BIFROST is set to be the industry-leading platform building the next generation of blockchains and the metaverse, catalyzing global adoption with its scalable and interoperable multi-chain technology. The funds will be used for the expansion and globalization of BIFROST through strategic partnerships and development.