Computer science-linked spinoff hits $1 billion valuation

Axelar, a decentralized network that connects application builders with blockchain ecosystems, applications and users, has successfully completed a $35 million USD Series B funding round, bringing its market valuation to $1 billion USD and making it the newest Waterloo-linked unicorn.

This latest funding infusion follows the company’s previous $25 million Series A funding round in mid-2021 and $3.75 million in seed funding secured in 2020.

Co-founded in 2020 by Cheriton School of Computer Science Professor Sergey Gorbunov, who also serves as CEO, Axelar gives developers the ability to build on the best platform for their needs while using Axelar’s connectivity to allow blockchains to communicate with each other seamlessly.

Read more in the feature article.