Solana-Based Automation Network Clockwork Raises $4M in Seed Funding

The decentralized network utilizes the Solana validator to facilitate tasks such as automated payments.

AccessTimeIconAug 30, 2022 at 2:39 p.m. UTC
Updated May 11, 2023 at 5:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Solana-based network Clockwork has raised $4 million in seed funding to grow its team that’s building a framework to decentralize autonomous tasks on a Solana validator, a component of the computing power behind the ecosystem, the company said Tuesday.

Clockwork, which was formerly known as Cronos, aims to solve the automation dilemma, in which developers must choose between using decentralized apps (dapps), or apps that are automated. Nick Garfield, co-founder of Clockwork, told CoinDesk that his company removes the need for a centralized cloud provider such as Amazon Web Services (AWS) or Google Cloud to provide automated products for blockchains, such as decentralized autonomous organization (DAO) tooling or payments processing.

Others have also tried to solve the automation dilemma. In August 2019, AWS backed a competitive service created by the VDF Alliance, a blockchain software firm, and supported by the Ethereum Foundation to decentralize automated blockchain cloud computing.

Garfield aims to bring this technology to Solana for fast and cheap transactions while prioritizing decentralization. He said his goal is “to rewrite a lot of automation tooling that exists on the cloud service providers and make it work for decentralized internet.”

The round was led by Multicoin Capital and Asymmetric, with participation from Solana Ventures.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Cam Thompson

Cam Thompson was a news reporter at CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about