Kleiner Perkins has joined a $24.5 million Series A funding round for Bison Trails, a provider of blockchain protocols, which was led by Blockchain Capital to develop the firm’s infrastructure services.
Other participants included Coinbase Ventures, ConsenSys, A Capital, Collaborative Fund and Sound Ventures as new investors. Galaxy Digital and Initialized, as early backers, joined this latest round after participating in a $5.25 million seed round in March.
Bison Trails became one of the 21 founding members for Facebook’s Libra Association in October, boosting its somewhat flagging reputation as a global infrastructure service provider after high profile players like PayPal pulled out.
That makes Bison Trails the only blockchain infrastructure firm in the Libra project.
The New York-based startup helps customers deploy the participation nodes on any blockchain, without having to develop their own supporting technologies such as security, and serves more than 20 protocol projects.
In a statement Kleiner Perkins investing partner Monica Desai said: “Bison Trails realized early that node infrastructure would become a bottleneck to blockchain adoption, which is why they created a decentralized, user-friendly solution.”
“When we started building Bison Trails, we wanted to bring transparency and ease to entrepreneurs bold enough to build in a decentralized ecosystem, investors wise enough to back a nascent market, and enterprises courageous enough to commit to a technological inevitability like blockchain technology and cryptocurrency,” said Joe Lallouz, CEO of Bison Trails. “We have become the easiest way to run infrastructure on multiple blockchains. And have helped the world’s leading protocols, companies and builders launch and manage secure, highly-available, and geographically distributed nodes on blockchain networks.”