A16z Drives $40M Funding for Golden a Web3 Data Protocol
October 4, 2022 6:12 AM
According to the company blog post, Golden, a startup that specializes in Web3 data, has raised $40 million in a Series B round of funding led by the cryptocurrency division of well-known VC firm Andreessen Horowitz (a16z). Golden's decentralized and incentive-based data protocol will benefit from the investment, which brings the company's total funding to $60 million.
Prior to the fundraise, a16z co-founder Marc Andreessen sat on Golden's board of directors; a16z partner Ali Yahya will replace him. In May, A16z raised $4.5 billion for its fourth cryptocurrency-focused venture capital fund, an all-time high.
"Knowledge is dispersed; in order to find credible sources, one must scour numerous public and private online resources, such as libraries, archives, websites, blogs, and encyclopedias. In the announcement, Golden's founder and CEO Jude Gomila lamented the lack of a universal interface for gathering, sharing, and validating information.
"For this interface to be widely adopted, it will take more than just data; we'll also need to devise incentives for data entry, verification, and governance."
The Golden protocol, which is supported by the blockchain, is meant to reward data providers and validators with tokens if they provide accurate information. Inaccurate answers will result in a penalty. There is a fee associated with accessing and using the data by businesses.
The mainnet release of the Golden protocol is scheduled for the second quarter of 2023, while the tokens will be used as an incentive within the protocol to ensure truthful data submissions.
Protocol Labs' Juan Benet participated in the round as an investor, as did Raj Gokal, creator of the Solana blockchain, and Arash Ferdowsi, creator of Dropbox and its former Chief Technology Officer.