Multicoin and Solana Ventures Join $10M Series A for Permissionless Labs
- Multicoin Capital led a $10 million Series A funding round in Permissionless Labs, with participation from Solana Ventures and co-founder Anatoly Yakovenko.
- Permissionless Labs is the core contributor to Pipe Network, a permissionless CDN on Solana, designed to handle enterprise traffic like Netflix.
Multicoin Capital has led a $10 million Series A financing round in Permissionless Labs, a key contributor to Pipe Network, a permissionless content delivery network (CDN) built on Solana. The round saw participation from Robot Ventures, Solana Ventures, and Solana co-founder Anatoly Yakovenko.
The new funds will be allocated to expanding marketing and engineering teams, increasing the network’s points of presence (POPs), and launching both a private beta and testnet at Breakpoint, Solana’s annual developer conference. Currently, Pipe Network is in a private devnet, with plans to go public soon, according to a company statement.
Permissionless Labs is focused on building decentralized solutions for streaming media, aiming to disrupt the centralized CDN market. Founder and CEO David Rhodus highlighted the potential for innovation in the industry, especially with new technologies like edge-video advertising insertion.
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"Pipe Network is architecturally designed to handle traffic for large enterprises the size of Netflix," Rhodus said in a statement. "The CDN industry is ripe for innovation, especially with edge-video advertising insertion technology."
This investment marks a significant step toward building a decentralized digital content distribution system that could rival existing models, positioning Permissionless Labs and Pipe Network as key players in the emerging web3 infrastructure space.
Edited by Harshajit Sarmah
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