Ethereum Push Notification Services Raises $10.1 million in Series A Funding
With an average valuation of $131 million, Ethereum Push Notification Service (EPNS) has raised $10.1 million (about Rs 76 crore) in a token round.
According to CoinMarketCap, EPNS’ native virtual asset token Push has a fully diluted market capitalization of $128 million at the time of writing.
The EPNS team plans to use the funds to expand the notification protocol beyond the Ethereum environment, beginning with the Polygon network, improve products, and increase its staff size from 30 to 60 people. It intends to reach a million users by the end of the year.
Tiger Global, ParaFi, Sino Global Capital, Polygon Studios, Woodstock Ventures, DCX Ventures, and Alpha Wave Capital were among the investors in the round, which was led by Jump Crypto.
EPNS, founded in 2020 by Richa Joshi and Harsh Rajat, is developing a web3 communication protocol. Any smart contract, decentralized application (dApp), or traditional server can use the protocol to send notifications to a user’s wallet addresses.
Any crypto wallet, mobile app, extension, or dApp can receive and display notifications. EPNS has established a mainnet — a fully built blockchain network — as a multi-chain protocol, allowing any sort of automated communication on a decentralized network, starting with the paradigm of sending and receiving push notifications on Ethereum.
The investors in the Series A round will be locked in for 9–12 months before being vested over the next 24–30 months.
EPNS has raised $11.42 million in total funding, including this round, and was a nominee for the ET Startup Awards in the top innovator category in 2021.
Polygon cofounder Sandeep Nailwal says the two companies have worked together since EPNS’ inception. “EPNS has a head start by providing free-transaction multichain services.
EPNS is building the world’s first open communication layer for the Web3 ecosystem, first for Ethereum and then for L2s and other blockchains. The protocol enables any smart contracts, dApps, or traditional servers to send notifications tied to the wallet addresses of a user in a platform-agnostic fashion (i.e: notifications can be integrated and shown on any crypto wallet, mobile apps, extension, or dApps).
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