Lens Protocol allows users the ability to have more control over their data and how it is shared on the web.
The protocol developed by Aave Labs for the creation of decentralized social networks, Lens Protocol, has raised $15 million in a round of funding co-owned by IDEO CoLab and Tencent.
IDEO CoLab, the company that led Lens Protocol's funding round, offers a collaborative platform to connect people, companies and organizations with innovative technological solutions. Through its investment arm, IDEO CoLab Ventures, the company invests in projects related to emerging technologies, including blockchain, cryptocurrencies and Web3.
On the other hand, Tencent, creator of the WeChat messaging service, is one of the largest technology multinationals in China, offering everything from internet products and services to artificial intelligence and advertising. In 2020, Tencent reported that it had A total of $70.000 billion has been invested to accelerate the development of new technologies such as blockchain.
The funds raised in this recent round of financing will be allocated to accelerate growth and Lens Protocol Expansion, said Stani Kulechov, co-founder and CEO of Aave.
Kulechov also highlighted that the funds will help boost the development of the protocol, optimizing its infrastructure to facilitate the creation of decentralized social networks where users can take control of their data and that allow the construction of a new Internet, more fair, democratic, creative, pluralistic and human. The objective of this Web3 social protocol is accelerate the adoption of the next generation of people-powered Internet.
Lens Protocol was launched in May last year, in beta, as the user-owned social layer of the Internet, where it is possible to build an ecosystem of decentralized and innovative social experiences that benefit both users and developers, Indian Kulechev.
Last month, Lens Protocol launched a new scalability solution called Momoka, which is capable of processing transactions at hyperscale to increase speed and reduce costs.
Other companies that participated in Lens Protocol’s funding round include Variant and Blockchain Capital, as well as decentralized autonomous organization (DAO) Flamingo DAO, among others.
Uniswap co-founder Hayden Adams; Polygon Network co-founder Sandeep Nailwal; Opensea co-founder Alex Atallah; The Sandbox metaverse co-founder Sébastien Borget; and investor Balaji Srinivasan also participated in Lens Protocol’s funding round.
Continue reading: Momoka, the hyperscaling solution for Web3 social networks from Lens Protocol
