Movement Labs, a startup specializing in blockchain infrastructure, has raised $3.4 million in its pre-seed funding round. It aims to establish a network of modular Move-based blockchains, media reports said.
The funding injection will facilitate the growth, adoption, and development of Move, a smart contract development language renowned for its inherent security features, including safeguards against attack vectors like reentrancy, which have historically cost the crypto sector billions of dollars annually.
Notable investors in this funding round include dao5, Varys Capital, Blizzard Fund, and Borderless Capital. Additionally, several angel investors, including George Lampeth from dao5, Calvin Liu from Eigenlayer, Smokey The Bera from Berachain, and Anurag Arjun from Avail, participated in the round.
Cooper Scanlon, co-founder of Movement Labs, expressed optimism about the potential of Move, stating, “Parallel processing, modules, dynamic NFTs, and unparalleled security may blow the roof off the ceiling to Web3 innovation.”
Rushi Manche, Movement Labs’ co-founder, highlighted the advantages of the Move programming language for smart contract developers. These benefits include direct interaction with digital assets through custom resource types, flexibility in transaction script declaration, on-chain verification, and enhanced bytecode safety features.
Importantly, Move addresses various security and performance issues found in other languages, such as Solidity, including vulnerabilities like reentrancy attacks, DoS attacks, resource inefficiencies, and bugs introduced during compilation.
Movement Labs has ambitious plans to expand its network of blockchains to include prominent ecosystems such as Ethereum and Cosmos.
