Gelato Network, a blockchain startup based in Switzerland, has secured $11 million in Series A funding to bring automation to Web3.
The round, which was led by Dragonfly Capital, counted with participation from major Venture Capital firms and angel investors like ParaFi Capital, Nascent, IDEO CoLab Ventures, and Stani Kulechov, Founder and CEO of Aave. Haseeb Qureshi, Managing Partner of Dragonfly Capital, referred to the role the startup is playing in the industry by stating:
“Automation is the heart of DeFi — instead of people and companies, DeFi uses self-executing autonomous code. Gelato takes this principle a step further to allow bots and scripts to become self-executing and autonomous, completely obviating costly protocol DevOps. We believe this is a core building block of Web 3.0 — think Heroku for blockchain bots.”
Automation is not only relevant to the DeFi niche but also for the development of Web3, the next step in the evolution of the internet. The correct functioning of a decentralized internet will require the system to be able to regulate itself without human interference, allowing it to operate in a trustless manner by ensuring the execution of parameters determined before its deployment. Stani Kulechov, Founder & CEO of Aave, said in this regard:
“Gelato is trying to solve a key problem for DeFi and Web 3.0 in general, being that many functions in decentralized applications have to be executed conditionally or repeatedly in order for the applications to operate as desired. These operations require external servers to execute them automatically at the right time. Without those, DeFi as we know it today, would not exist. Gelato is providing dApps teams with an easy to use and reliable network that takes care of all their automation needs. I’m excited to see where this project will go in the future.”
Gelato Network’s protocol is taking the already incredible automation offered by smart contracts to a new level, allowing projects in popular niches like Decentralized Finance (DeFi) and Web3 to unlock new use cases that will boost innovation in the industry.
The solution created by the blockchain startup has the potential to help developers protect their user base by automating the reaction to changes in the crypto market or in the status of decentralized networks, allowing it to diminish the impact of events that can negatively impact them.