In Brief:
- Gelato Network has raised $11M in Series A funding led by Dragonfly Capital.
- It includes some other additional investors like Paraficapital, Nascent, IDEO CoLab Ventures and many more.
- The company aims to deliver the maximum benefits of automation across all decentralized networks.
An automating innovative contract protocol Gelato Network has raised $11M in Series A Funding round. The funding round was led by Dragonfly capital. It also includes other investors like ParaFi capital, Nascent, IDEO CoLab Ventures and Aave founder Stani Kulechov.
The funding will be used to build its mission of integrating with the industry-leading DeFi protocols and aggregators like Aave and Zerion, to offer automated transactions to their clients.
The Dragonfly capital aims to support the most promising project in the decentralized economy. It includes DeFi protocols, NFT projects, and Ethereum Layer 2 solutions. The company’s decentralized network of bots permits dapp developers to deliver users the new opportunity to interact with DeFi.
Hilmar Orth, a member of Gelato Network said in the thread that “Remember, smart contracts are actually NOT autonomously executing agents, they do require external impulses.”
Automation is the heart of DeFi — instead of people and companies, DeFi uses self-executing autonomous code,” said Managing Partner of Dragonfly Capital, Haseeb Qureshi. “Gelato takes this principle a step further to allow bots and scripts to become self-executing and autonomous”
Gelato’s vision is to allow all web3 developers to build “Serverless Applications” by providing a decentralized network. It will automate the transactions across all blockchain networks on the behalf of servers.
