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Essential - Seed
Overview
Funding Date
September 21, 2023
Financing amount
$5.15M
Valuation
--
Category
Subcategory
About Essential - Seed
Essential, a startup focused on building intent-based infrastructure, raised $5.15 million in seed funding. Maven 11 led the round, alongside participating investors Robot Ventures, Karatage, Batuhan Dasgin, Skip, James Prestwich, Brandon Curtis, Eclipse founder Neel Somani and others.
Investors
| Investors | Type | Location | Year Founded | #Portfolio Companies | Email Address | Socials |
|---|---|---|---|---|---|---|
| Fund | Netherlands | 2015 | 67 | [email protected] | ||
| Fund | United States of America | 2019 | 114 | [email protected] | ||
| Uncategorized | -- | -- | 15 | -- | ||
| Angel Investor | -- | -- | 8 | -- | ||
| Corporate | Unknown | -- | 3 | -- | ||
| Angel Investor | United States of America | -- | 4 | -- | ||
| Angel Investor | Unknown | -- | 1 | -- | ||
| Angel Investor | Unknown | -- | 2 | -- |
Founders & Team
Liesl Eichholz
Simon Roberts
Company Profile / Project Introduction
Essential is a blockchain startup developing an intent-centric or declarative Ethereum Layer 2 network as an Optimistic rollup. Unlike traditional blockchains that use a transaction-based model (where users provide exact instructions), Essential employs an intent-based model (where users specify the desired outcome). As a Layer 2, Essential handles user intents off-chain using "specialized solvers" to make the process more efficient. This approach seeks to improve the user experience, reduce the on-chain workload and enhance scalability.
Founded earlier this year, Essential is trying to rewire transaction supply chains in crypto to minimize value extraction by what it describes as "rent-seeking intermediaries," for the benefit of users.