Movement Labs, a blockchain developer headquartered in San Francisco, has successfully secured $38 million in a Series A funding round led by Polychain Capital.

The primary goal of this funding is to strengthen its initiatives in integrating Facebook’s Move Virtual Machine into Ethereum (ETH) to address vulnerabilities in smart contracts and improve transaction speed, as announced by the company.

Prominent venture capital firms such as Hack VC, Placeholder, Figment Capital, Bankless Ventures, OKX Ventures, and Aptos Labs participated as investors in this funding cycle.

Movement Labs emphasized that the Ethereum ecosystem suffered losses exceeding $5.4 billion due to smart contract exploits between 2022 and 2023.

Their Move-EVM solution is designed to combat such attacks by enabling developers to deploy code that undergoes real-time verification, effectively reducing risks like reentrancy.

Move, a Rust-based programming language, was originally created by Facebook for its Diem blockchain crypto payment project, which was discontinued in 2022. It provides a flexible framework for developing secure smart contracts used in cryptocurrencies, non-fungible tokens (NFTs), and decentralized applications (DApps).

Eventful Year for Movement Labs

After securing a successful $3.4 million pre-seed round in September 2023, Movement Labs has been actively promoting the adoption of Move.

Key participants in the funding included Varys Capital, the Avalanche Fund by Blizzard, dao5, Borderless Capital, and other stakeholders in the Wormhole developer ecosystem.

Notable angel investors in the funding round were Chandler Song, Ryan Fang, and Stanley Wu from Ankr, along with George Lampeth from dao5, and Calvin Liu from Eigenlayer.

The funds from the pre-seed round were also used to introduce the Movement SDK, a tool aimed at simplifying the creation of secure and high-performing Move environments for established blockchains.

Furthermore, earlier this year, Movement Labs established a partnership with Covalent (CQT), a multichain indexer with integration across 225 chains, to incorporate real-time data indexing and deployment tools such as Covalent’s Unified API and GoldRush Kit into the Movement ecosystem.

Covalent’s Unified API offers seamless access to real-time and historical blockchain data, serving as a vital resource for AI in web3. The GoldRush Kit enhances user experience by providing a user-friendly interface for accessing and visualizing historical blockchain data within the Movement Labs ecosystem.