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University-Industry Engagement Advisor

Princeton start-up lands $3.7M to commercialize blockchain software

By Jesse Schwartz
Published: August 13th, 2019

A Princeton University start-up has raised $3.7 million in a seed funding round to commercialize a blockchain add-on software package.

Founded by Princeton computer science professor Edward Felten and PhD students Steven Goldfeder and Harry Kalodner, Offchain Labs is advancing an alpha version of its Arbitrum software, which Felten describes as “an add-on for almost any blockchain-based application to make it better.”

“We have invented a protocol that sits on top of any blockchain, with the ability to execute code and transactions off-chain through either sidechains or state channels,” Felten says. “With increased privacy and scalability, as well as much lower costs to run a contract, Arbitrum adds immense value to developers and enterprises. We believe it can create a new wave of quality, blockchain-based applications and services.”

According to Felten, the technology from Offchain Labs addresses some of the shortcomings of existing applications that work with blockchain.

“The existing technology has a lot of drawbacks. It’s relatively expensive and slow. What happens inside your application isn’t very private and there are security issues,” says Felten. “Basically, we offer a software package that will make your application faster, more private, and reduce the costs, and also offer a security benefit.”

The seed round was led by Pantera Capital, with backing from Compound VC, BlockNation and other investors.

Source: ROI

Posted under: Tech Transfer e-News

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