Movement Labs, a community-driven technology company, has completed its pre-seed fundraising round and the launch of a tool from the Movement software development kit (SDK) on the Avalanche blockchain.
According to a press release sent to CryptoPotato, Movement Labs raised $3.4 million through the pre-seed round to enable the advancement and adoption of Move, a smart contract development language with safeguards that protect against attack vectors like reentrancy and DoS.
Movement Labs Raises Pre-Seed Fund
Movement Labs’ pre-seed round was led by several industry leaders, including Blizzard — The Avalanche Fund, dao5, Borderless Capital, and Varys Capital.
The round also involved angel investors like the co-founders of web3 infrastructure provider Ankr, dao5’s George Lampeth, and Eigenlayer’s Calvin Liu, with participation from Elixir Capital, BENQI, and Interop Ventures.
Regarding the launch of M1, Movement SDK’s first major tool, Lydia Chiu, the vice president of business development at Ava Labs – the creator of Avalanche – said the company’s vision is complementary to the blockchain’s focus on supporting innovative web3 projects.
As a unique modular, horizontally scalable, and vertically composable blockchain, M1 will address the cold-start issue faced by new non-Ethereum Virtual Machine (EVM) protocols. The tool will combine high performance with easy access by bootstrapping its ecosystem, liquidity, and validator set within the Avalanche consensus.
Launching M1 on Avalanche
With M1’s transparent tokenomics and low staking requirements, the blockchain will encourage decentralization and community-led growth. Developers can access alternative virtual machines without bridging their assets, exiting established networks, and managing multiple wallets.
Rushi Manche, co-founder of Movement Labs, said: “The Move programming language blows the roof off the ceiling to Web3 innovation. Benefits to smart-contract developers include direct interaction with digital assets through custom resource types, flexibility with transaction script declaration, on-chain verification, and bytecode safety privileges. Move also aims to solve many of the inherent security and performance flaws of Solidity, including reentrancy attacks, DoS attacks, resource inefficiencies, and bugs introduced during the compiling process.”
The Movement SDK has enabled the company to build a platform that combines horizontal interoperability with vertical composability. This is possible due to modular Move Virtual Machines that can be connected to any blockchain network through Fractal, a translator that facilitates the compilation from smart contract languages like Solidity to Move. Movement Labs raised $3.4 million to enable the advancement and adoption of Move
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