Home - Business - Ex-Meta Engineers raise US$ 36 Million in Investment for Mysten Labs


December 7, 2021

Ex-Meta Engineers raise US$ 36 Million in Investment for Mysten Labs

The company, Mysten Labs just closed a round of fundraising. They managed to raise US$ 36 million in venture capital. Mysten Labs is a research and development firm. A number of ex-Facebook engineers started this new company. The funding raised is to help the company realize its goal of developing a Web 3.0 infrastructure platform.

The Series A round

Mysten Labs announced on Medium that their team had managed to raise these funds in a Series A funding round. The leader in this series A round was Andreessen Horowitz. Other participants included Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, Samsung NEXT, Scribble Ventures, NFX, and Slow Ventures.

Mysten Lab’s Intentions

One news outlet, CNBC stated that Evan Cheng, the CEO said Mystery would utilize the financial resources to engineer the infrastructure required for their cryptocurrency and blockchain-focused firm to operate. On top of the Web 3.0 infrastructure plans that Mysten has, the company also intends on launching a platform for the metaverse. This platform is slated to be launched in 2022. They intend to build it into a next-generation NFT platform. They want to use the project to aid users in efficiently reallocating their assets from one virtual environment to another without functionality restraints.

About Mysten Labs

Mysten was established in September 2021. Former employees of Facebook’s cryptographical program established it. They were part of the workforce that helped engineer Meta’s (Facebook’s) blockchain architecture, encompassing its crypto-payments platform – Diem and its mobile wallet – Novi. These engineers are Evan Chang, Sam Blackshear, Adeniyi Abiodun, and George Danezis. Evan Cheng is now the Chief Executive Officer of Mysten. Sam Blackshear is the Chief Technology Officer. Adeniyi Abiodun is the Chief Operations Officer and George Danezis is the Chief Scientist.

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About the CEO: Evan Cheng

The Chief Executive Officer of Mysten spent over 10 years working at Apple before eventually joining Facebook. He was once the Director of Engineering, Programming Languages, and Runtimes for Facebook. Later he became the Head of Novi Research at Facebook. There he led Novi by focusing on advancing blockchain and crypto innovation. Novi is an international money transfer and remittance provider owned by Facebook. He also functioned as an advisor to Chainlink. Chainlink is a decentralized oracle network. The network provides live data to blockchains. Now as a co-founder and CEO of Mysten, he takes on new challenges in the research and development of Web 3.0 and other crypto-related technologies.

Mysten Lab’s Partners

Mysten has also established partnerships with Celo and Sommelier. Celo is a service provider that offers an infrastructure for members to make global cryptocurrency payments. The platform can make basic payments and also assists in the development of decentralized solutions on blockchain.

Sommelier is a service provider in the Ethereum ecosystem. It expects the Ethereum crypto blockchain to become the leading player in the international economy. Sommelier Finance has an SDK called the Cosmos Stargate SDK. This SDK is a Tendermin-based consensus layer. It also has an Ethereum bridge managed by international networks of validators. This bridge is bi-directional.

The Company is growing

With the newly raised funds and demand for a larger workforce, it is clear that the company is growing. Some of the roles they have filled are in talent acquisition and staff engineer.

However, the company has numerous openings it needs to be filled. These job opportunities are mainly in the engineering department with at least one management role. These job openings include Distributed Systems Engineer for Decentralized Platforms for Europe, Gaming partnerships manager, cryptography software engineer, Distributed systems software engineer, Product software engineer, programming languages software engineer, and technical program manager. With changing times, many of these job opportunities are to be served in a remote capacity.