Solana Scaling Infrastructure Developer Nitro Labs Completes $4 Million Seed Round Led by Lemniscap

Nitro Labs, the team behind Solana's scaling infrastructure platform Termina, announced the completion of a $4 million seed round of financing, led by Lemniscap, with participation from Animoca Ventures, Borderless Capital, Finality Capital, Race Capital, No Limit Holdings, Solana Foundation, Jump Crypto and Spartan, as well as several angel investors. Nitro Labs founder Yiwen Gao said the seed round closed this summer and was structured as a simple agreement for future equity (SAFE) with token warrants attached. Gao declined to disclose the company's valuation. Termina is an open source platform designed to make it easy for developers to deploy custom Solana Rollup or SVM "network extensions." Nitro Labs said more than 20 projects are currently being built on Termina, covering both Solana native and cross-chain projects. The platform's testnet is expected to launch later this year. Currently, Termina is in the private alpha development network stage, and its mainnet is expected to go live next year. When asked if Termina’s token will be released at the same time as the mainnet, Gao said that the timeline for the token launch has not yet been determined. Nitro Labs is headquartered in San Francisco and has fewer than 10 employees, and Gao plans to selectively expand the team. (The Block)