Movement Labs Secures $3.4M Pre-Seed Funding to Bolster Web3 Security

Movement Labs, armed with a substantial $3.4 million in pre-seed funding, has unveiled ambitious plans to enhance the adoption and evolution of Move, an innovative smart contract development language fortified with intrinsic safeguards against assault vectors, such as reentrancy attacks, which have historically drained billions of dollars from Web3 users annually.

In a strategic move, Movement Labs has simultaneously introduced its Movement SDK (Software Development Kit), ushering in a new era of seamless integration for secure and high-performance Move environments into existing blockchain ecosystems. M1, the flagship product emanating from the Movement SDK, emerges as a blockchain endeavor that seamlessly intertwines performance with accessibility by adopting a modular, horizontally scalable, and vertically composable approach.

Distinctively, M1’s ecosystem, liquidity, validator set, and traditional EVM tools are natively bootstrapped within the robust framework of the Avalanche consensus, effectively resolving the long-standing cold-start conundrum that has beset novel protocols. 

Putting users at the forefront, M1 flaunts enticing features such as open tokenomics and minimal staking prerequisites, championing decentralization, and nurturing community-led growth organically within the protocol. This revolutionary stride means developers and users can now forgo asset bridging, wallet management complexities, or the need to traverse unfamiliar networks to harness the myriad benefits of alternative virtual machines.

What next?

Rushi Manche, one of the co-founders of Movement Labs, jubilantly declared, “The Move programming language shatters the limits of Web3 innovation.” For smart contract developers, Move’s arsenal includes on-chain verification, bytecode safety, and custom resource types, paving the way for direct interactions with digital assets. Moreover, Move aims to rectify security and performance deficiencies in Solidity, including vulnerabilities to reentrancy attacks, DoS vulnerabilities, inefficient resource allocation, and compilation-induced defects.

The recent funding round was spearheaded by prominent investors, including Varys Capital, dao5, and Blizzard Entertainment. Distinguished organizations such as Colony, Interop Ventures, Elixir Capital, BENOI, and the illustrious Avalanche and Borderless Capital funds, all joined forces to bolster the Wormhole ecosystem. Notably, a star-studded lineup of angel investors, including George Lampeth (daos), Calvin Liu (Eigenlayer), Smokey the Bera (Berachain), Anurag Ariun (Avail), Tim Draper (GMX’s CoinFlipCanada), and the visionary creators of Ankr, lent their substantial support to the funding initiative.

Lydia Chiu, VP of Business Development at Ava Labs, lauded Movement’s vision, describing it as “striking” and harmonizing with Avalanche’s mission to foster groundbreaking projects on a grand scale.

William Patterson, Head of Venture at Varys Capital, exclaimed, “M1 will set the industry benchmark for throughput, leveraging the MoveVM and Avalanche consensus. Our investment in Movement Labs underscores our belief in the growing importance of smart contract security and high-throughput blockchain scaling.”