Resources Sui Evan Cheng Thu Sep 08 2022

Mysten Labs Series B Raise

We're glad to announce our $300M Series B funding round led by FTX Ventures and included participation from new and existing investors, including: a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures, among other investment firms and strategic partners.

Mysten Labs believes in a future where every major digital exchange of value will be done via public ledgers. Whether paying for a coffee, purchasing and owning in-game items, or spending coupons on e-commerce platforms.

We believe public blockchains usher in a world of greater transparency and seamless composability of assets that will ultimately benefit end users. Even with the limitations of existing infrastructure, builders are innovating and we have witnessed clear areas of innovation within decentralized finance, NFT’s, token gated economies, and more.

We believe the next cycle needs a step function infrastructure upgrade. We need to go from the existing crypto dial-up era to super fast broadband! We do not believe blockchain technology has evolved significantly in the past 5 years, and while we have seen platforms of various flavors launch, they ultimately lack key ingredients that make them capable of powering the internet of assets.

  1. Poor developer experience : Blockchains are still an enigma for mainstream developers. Building on blockchain today is fairly difficult with steep learning curves and many “gotchas” for non-experts.
  2. Low scalability, high cost : Developers have zero ability to predict transaction costs and ALL blockchains suffer from limited and fixed capacity. This is in stark contrast to the cloud that has limitless capacity on storage and compute.
  3. Poor onboarding experiences : For example in gaming, expecting users to jump through multiple hoops early in the user journey is DOA and will not bring in mass adoption. In fact it will kill the conversion rates of many awesome apps!
  4. Very limited use cases : When developers cannot easily build apps with predictable consumer transaction costs, awesome user experiences, and simple onboarding workflows,  what remains are apps that can only tolerate high fee environments.

These issues don't typically lend themselves to enabling applications that are accessible to the billions of users we want to reach at Mysten Labs, and if anything fosters greater exclusion via high fees.

When we decided to build Sui, we took our learnings from architecting and developing the core components of the Libra / Diem blockchain along with the Move Programming Language and built from first principles. Solving for the next billion users where each person has the ability to fully control their own assets without intermediaries.

Sui builds on important innovations in consensus algorithms and leverages novel data structures that result in a high-performance Layer 1, that has expandable capacity while delivering a development environment for rich, dynamic, composable assets that will usher in a new generation of decentralized applications. These innovations enable Sui to scale throughput and storage horizontally to meet application demand while maintaining extremely low operating costs per transaction.

Sui is a monumental R&D and engineering effort and we have built what we believe to be the strongest, multi-disciplined team in the space to make it a reality.

This funding will enable Mysten Labs to expand its stellar team to accelerate Sui’s launch, invest in the Sui ecosystem and continue our expansion into the APAC region.

We are hiring for a number of key roles across product, engineering, marketing and partnerships. If you are interested in joining our mission to build the internet of ownership, please check out our job board.