KRNL Labs raises $1.7M pre-seed to build the Largest Open Software Library in Web3
PUBLISHED ONOctober 29, 2024 1:30 PM
The funding will support network growth in KRNL Labs' quest to build the node package manager for decentralized computing
LONDON, Oct. 29, 2024 /PRNewswire/ -- KRNL Labs is pleased to announce a $1.7M pre-seed funding round to build the largest open, multichain software registry in Web3. Notable investors backed the round, including TRGC, Superscrypt, Ryze Labs, Builder Capital, Blockchain Founders Fund, WAGMi Ventures, STIX, YAP Capital, and several strategic angel investors.
KRNL Labs is crafting a new category of software management for Web3 by innovating at the RPC node level to enable cross-chain communication. It has also unlocked the ability to share libraries across blockchain networks, fundamentally changing how execution tasks are handled.
"KRNL Labs' approach to modular, composable execution unlocks efficiencies that the Web3 space urgently needs, solving critical pain points for scalability, efficiency, and interoperability in blockchain, and we're excited to back their vision," said Aly Madhavji, Managing Partner at Blockchain Founders Fund.
KRNL effectively behaves like Node Package Manager (npm), a widely used tool for managing JavaScript packages. It enables developers to easily install, share, and manage dependencies in their projects by managing libraries, called kernels, as modular execution shards. The KRNL protocol enables asynchronous composability across diverse execution environments, unlocking a new class of cross-chain applications built with a component-centric architecture. This approach allows developers to build dApps that can leverage multiple blockchains simultaneously, significantly increasing their efficiency and scalability.
Tahir Mahmood, co-founder of KRNL Labs, stated, "Execution and sharding can be implemented differently to allow multiple execution shards to apply to a single transaction. We call these shards kernels, and they are community-built, permissionless, monetizable, and composable."
To ensure secure and efficient execution across networks, KRNL employs an enhanced Go Ethereum (Geth) client with a custom GraphQL runtime. This allows dApps to offload execution tasks to optimized networks or Web2 infrastructure. This unique solution addresses key challenges, including scalability, interoperability, and cost-efficiency.
"KRNL Labs is truly a category of ONE. By redefining how cross-chain communication and execution are handled, they are building the first modular, composable execution layer. They are solving one of the biggest challenges in blockchain today," said Etiënne vantKruys, Managing Partner of TRGC.
KRNL will feature adapters for all major Ethereum Virtual Machine (EVM) networks and an OpenAPI integration for Web2. It plans to expand to many non-EVM networks through 2025. Many more execution environments are in the pipeline before the main net to cater to builder demands, allowing decentralized applications to access functionality from these environments natively on Ethereum.
KRNL Labs unveiled its private test net last week, granting participants at the Encode London Hackathon exclusive early access.
About KRNL Labs:
Founded in 2022 by Tahir Mahmood and Asim Ahmad, KRNL Labs was born out of a desire to address the fragmentation in Web3 and the inefficiencies of integrating existing solutions. The co-founders, Tahir and Asim, extensively researched and developed an innovative node-level solution to this problem. Tahir Mahmood is a seasoned technologist who started at Microsoft as a Technical Lead for OS and Programming Languages in 1989. Throughout his career, he has been the inventor of 40+ patents and has 40+ years of experience in technology. Asim Ahmad has contributed to Web3 since 2016. He co-founded the blockchain venture capital firm Eterna Capital and was formerly at BlackRock.