Review of Polygon co-founder Sandeeps investment layout: preferring seed rounds, mostly Polygon ecosystem projects

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Original author: Nancy, PANews

Recently, the AI project Sentient, which has received huge amounts of financing simply by innovating the open AI vision and without launching any substantial products, has caused market controversy and made Sandeep Nailwal, one of the builders behind it, a hot topic.

Sandeep is the co-founder and executive chairman of Polygon Labs. At the end of May this year, he announced that he would also serve as chief business officer, responsible for overseeing strategies related to the solutions developed by Polygon. At the same time, he is also a very frequent angel investor.

According to statistics from RootData, a Web3 asset data platform, Sandeep has invested in about 124 crypto projects so far. In terms of project types, infrastructure, DeFi, CeFi, L1 and AI are more favored by Sandeep; in terms of financing rounds, the disclosed seed rounds and A rounds account for as high as 67.4%, and the valuations are usually between millions and tens of millions of dollars; in terms of operating status, 91.9% of the projects have been launched on the mainnet, and 7 projects have ceased operations.

This year, Sandeep has announced that he has participated in the construction/investment of 18 crypto projects. According to PANews, they are mainly AI, ZK, DID, DEX and infrastructure tracks, of which AI projects account for more than one-fifth. In terms of the number of investment institutions in the project, the average number of investors is 18.9, with the highest number reaching 38. Institutions such as Polychain Capital, HashKey Capital, Sreeram Kannan, Animoca Brands and OKX Ventures have a higher chance of co-investing; in terms of investment rounds, 9 of these projects are mainly seed rounds, and many projects have already shown high valuations in the seed round stage, with the highest seed round financing amount reaching US$85 million, and the highest disclosed valuation reaching US$400 million. In addition, many of these projects are Polygon ecological projects or have certain cooperative relationships.

AI

Sentient

The open source AI platform Sentient is committed to building open source AI models through community contributions to address the centralization and security ethics issues in the current AI field. Sentient plans to build on Polygon or create its own chain through the Polygon Chain Development Kit (CDK). One of Sentients core contributors is Sandeep Nailwal, and EigenLayer founder and CEO Sreeram Kannan has served as an advisor from beginning to end.

In the $85 million seed round financing recently announced by Sentient, Peter Thiel鈥檚 Founders Fund, Pantera Capital and Framework Ventures led the investment, as well as 26 institutional/individual investors including Ethereal Ventures, Robot Ventures, Symbolic Capital, Delphi Ventures, Hack VC, Arrington Capital, HashKey Capital, Canonical Crypto and Foresight Ventures.

It is worth mentioning that Sentient was founded by Kenzi Wang, co-founder of Symbolic Capital, who is also a consultant to Polygon Labs and former vice president of Huobi Global. In May of this year, Kenzi Wang, Sandeep and other Polygon executives were exposed for maliciously planning a MEME coin scam, but the latter did not respond to this.

Related reading: 34 tweets reveal the Meme scam carefully planned by Polygon executives, including organizing, shouting, and internal fighting

Prodia

Prodia is a distributed GPU network for AI reasoning solutions, designed to leverage Web3 infrastructure to provide more efficient and low-cost cloud computing services. Most of Prodias core team members come from the storage project Storj, including founder Monty Anderson, who was the head of RD at Storj Labs, CEO Shawn Wilkinson, who is the founder and CSO of Storj, and chief engineer Monty Anderson, who is a senior software engineer and head of RD at Storj.

In July this year, Prodia announced the completion of a $15 million seed round of financing from 13 investors, including lead investor Dragonfly Capital, as well as HashKey Capital, Web3.com, Index Ventures, Symbolic Capital, OKX Ventures, and angel investors Balaji Srinivasan, Polygon founder Sandeep Nailwal, and Bloq co-founder Matthew Roszak.

OpenLedger

OpenLedger focuses on building permissionless, data-oriented infrastructure for AI development. This month, OpenLedger announced that it had raised $8 million in seed funding from 19 investors, including Polychain Capital and Borderless Capital, with participation from HashKey Capital, Finality Capital, Hash 3, STIX, MH Ventures, EigenLayer founder Sreeram Kannan, Sandeep Nailwal, Manta Network co-founder Kenny Li, and others.

Sahara

Sahara is a trustless, permissionless, and privacy-centric decentralized AI network that can create customized autonomous knowledge agents (Sahara KA) for individuals and businesses. Sahara announced in March this year that it had completed a $6 million seed round of financing, including the lead investor Polychain Capital, as well as 14 investors including Samsung Next, Matrix Partners, Motherson Group, dao 5, Geekcartel and Sandeep Nailwal.

ZK

Lumoz

Lumoz (formerly Opside) is a decentralized ZK-RaaS platform that aims to improve the efficiency of zero-knowledge computing and provide users with a global, open and fair computing platform. It is an officially certified CDK technology provider by Polygon.

In April this year, Lumoz announced the completion of a $6 million token financing at a valuation of $120 million. This round included seven institutional/individual investors including OKX Ventures, HashKey Capital, KuCoin Ventures, Comma 3 Ventures, Kronos Ventures, Kernel Ventures and Sandeep Nailwal.

Succinct Labs

Succinct Labs is a zero-knowledge proof infrastructure service provider that is committed to lowering the threshold for using zero-knowledge proof technology and helping all developers access the technology, thereby accelerating its adoption. In March, Succinct Labs announced the completion of a $55 million seed round and Series A financing round from 16 investors, including lead investor Paradigm, as well as Robot Ventures, Bankless Ventures, Geometry, ZK Validator, Sandeep Nailwal and Sreeram Kannan.

DID

Privado ID

Privado ID (Polygon ID) is a digital identity solution spun off from Polygon Labs, designed to give individuals control over their own data. Privado ID鈥檚 team members come from Polygon co-founders David Schwartz and Antoni Martin, who serve as CEO and COO respectively, Jordi Baylina, a key figure in the development of Polygon zkEVM, serves as a technical advisor, and Sandeep Nailwal serves as a growth advisor.

Humanity Protocol

Humanity Protocol is a DID protocol based on Polygon CDK. It is committed to using palmprint recognition technology and zero-knowledge proof to ensure user privacy and security. It aims to provide an easily accessible and non-intrusive method for establishing human proof in Web3 applications. At the end of February, Humanity Protocol announced that it had received strategic investment from 23 investors, including Hashed, CMCC, Cypher Capital, Foresight Ventures, Animoca Brands founder Yat Siu and Sandeep Nailwal, etc.

Related reading: Unicorns in the identity track are questioned: Worldcoin faces multiple challenges, and the founder of Humanity is exposed for his failed entrepreneurial history

DEX

Ooga Booga

Ooga Booga is the liquidity aggregator for the Berachain ecosystem, designed to support Berachain鈥檚 goal of becoming the most capital-efficient blockchain. Ooga Booga raised $1 million in seed funding from 28 investors at a valuation of $10 million, including Cypher Capital, CitizenX, Rubik, Rana, and Sandeep Nailwal.

Dolomite

Dolomite is a decentralized trading protocol in the Arbitrum ecosystem. It has received $900,000 in strategic financing from 14 investors, including Sandeep Nailwal, Polygon Labs CEO Marc Boiron, and DCF GOD.

other

Mystiko Network

Mystiko Network is the Web3 infrastructure layer, and Mystiko SDK is a universal ZK SDK that provides scalability, interoperability, privacy, and artificial intelligence for every blockchain/DApp.

At the end of March this year, Mystiko.Network announced that it had raised $18 million in seed round financing from 11 investors at a valuation of $400 million, led by Sequoia Capital India/SEA (Peak XV Partners), with participation from Samsung Next, Hashkey Capital, Mirana, Signum, Coinlist and Sandeep Nailwal.

GAM 3 S.GG

GAM 3 S.GG is a Web3 game information platform that aims to allow gamers to join Web3 through game discovery, content, live broadcasts, community activities, etc. In the strategic round of financing announced in March this year, GAM 3 S.GG received $2 million in strategic financing from 31 investors including Sandeep Nailwal, YGG co-founder Gabby Dizon, Sky Mavis Ronin co-founder Jiho Zirlin, etc.

Solayer

Solayer is a Solana ecosystem re-staking protocol that aims to use economic security and high-quality execution as a decentralized cloud infrastructure to achieve a higher degree of consensus and block space customization for application developers. This month, Solayer announced the completion of Builders Round financing, with 20 investors including Solana Labs co-founder Anatoly Yakovenko, Marinade core contributor Michael Repetny, Solend founder Rooter, Tensor co-founder Richard Wu, and Sandeep Nailwal participating. Although Solayer did not disclose the specific amount of this round of financing, it said a few months ago that it hoped to raise $8 million at a valuation of $80 million in a seed round led by Hack VC.

Gamic

Gamic is a Web3 community application that aims to provide a new interactive platform for the Web3 field. Incubated by Binance Labs and developed by Fundamental Labs, Gamic announced in May that it had successfully raised $1.8 million through multiple rounds of financing, including nine investors including Polygon Ventures, Gate.io, Mapleblock, Mulana, Double Peak Group, and Sandeep Nailwal.

Ava Protocol

Ava Protocol is an intent-based Eigenlayer AVS that seamlessly supports privacy-driven transactions for a wide range of use cases including DeFi, NFTs, and games. In June, Ava Protocol announced the completion of an initial investment of $5.5 million and an additional $4.5 million in seed round financing, including 13 investors including Electric Capital, Taisu Ventures, and Sandeep Nailwal.

Lava Foundation

Lava Foundation is a newly established non-profit organization dedicated to developing Lava, a modular blockchain network focused on providing data access services through remote procedure calls (RPC). In early May, Lava Foundation announced the successful fundraising of $11 million in token funds, including seven investors including Animoca Brands, Gate.io Ventures, Coingecko Ventures and Sandeep Nailwal.

Layer 3

Layer 3 is a token distribution protocol that enables protocols to distribute tokens more efficiently by unifying user activity across multiple blockchains and applications. Currently, the project is developing a new AI protocol for optimizing token distribution strategies, which is expected to be launched later this year.

Layer 3 has completed multiple rounds of financing, including a US$15 million Series A financing from 38 investors announced in June this year, led by ParaFi and Greenfield Capital, and participation from Sandeep Nailwal, Electric and others in 2022.

Beacon

Beacon, a Web3 startup accelerator founded by Sandeep Nailwal, announced in February that it had raised more than $150 million in funding in the past year.

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