Crypto VC Funding Slowed Last Week as $35M Raised in 9 Deals Including Uniswap DAO

Summary of blockchain project fundraising for the week of Oct. 30 to Nov. 3. Highlights included a $12M raise for Ekubo Protocol and $6.3M for the AI-based blockchain project Modulus.

AccessTimeIconNov 7, 2023 at 3:57 p.m. UTC
Updated Nov 7, 2023 at 3:59 p.m. UTC
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Blockchain projects raised $34.7 million across nine deals in the week spanning the end of October and the start of November, according to data tracked by DeFi Llama.

The figure represented a significant cooling to start the month, compared to the previous week when over $107 million was raised.

The week's largest raise saw the Uniswap DAO invest $12 million worth of UNI in StarkNet-based market maker Ekubo Protocol in exchange for a 20% share of governance tokens.

AI-Blockchain Projects

Other significant deals included zero-knowledge AI data verifier Modulus raising $6.3 million led by Variant and 1kx and zero knowledge infrastructure provider Toposware receiving $5 million in a seed+ round led by Evolution Equity Partners.

"Many decentralized apps (dApps) have been slow to leverage AI because of the added security concerns," Tom Couture, digital asset strategy associate at FundStrat, wrote in an email to clients. "Modulus strives to solve this issue by leveraging zero-knowledge proofs to efficiently verify that AI providers don’t manipulate their algorithms."

"As AI continues integrating itself into society, Modulus hopes its cryptographic accountability tools will safeguard the computational future," Couture wrote.

As well as Modulus, AI-powered analytics firm Vaas raised $2 million in pre-seed funding, meaning AI projects accounted for nearly a quarter of the week's total raised.

Builders on crypto exchange Coinbase's Base network also attracting capital, with decentralized derivatives protocol Surf raising $3 million seed funding to build its permissionless perpetual decentralized exchange (Perp DEX) on the Ethereum layer 2.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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