According to Foresight News, cross-chain interoperability protocol Analog has completed a $16 million seed and strategic funding round, valuing the company at $120 million. The funding round was led by Tribe Capital and included participation from NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Mike Novogratz's Samara Asset Group, and Balaji Srinivasan. Analog co-founder Victor Young stated that the funding round began in October last year and concluded in December, with the funds raised through a Simple Agreement for Future Tokens (SAFT).
Analog's core team is based in Bangkok and Zurich. Built on Substrate, Analog is developing cross-chain communication tools, with core products including Timechain, a Rust-based blockchain network, a universal messaging protocol, developer-focused product Analog Watch, and the Timegraph SDK and API suite, which allows app builders to create applications across multiple chains. Analog plans to launch a public 'incentive' testnet by the end of Q1 or the beginning of Q2 in 2024, with the mainnet set to launch by the end of Q2.