Israel-based blockchain technology developer Orbs has raised an amount of cryptocurrency reported by Coindesk to be $15.4m, in a round led by Kakao Investment, a subsidiary of internet group Kakao.
The round reportedly consists of a combination of Ether and Bitcoin. Additional participants in the round were not disclosed.
Founded in 2017, Orbs is developing a hybrid public blockchain that offers consumer-focused blockchain app developers a ‘universal’ second layer, helping them scale services without eroding blockchain’s ability to operate from secure decentralised nodes.
The funding will drive further research and development of Orb’s underlying technology, with the launch of its main network expected in April 2019. Orbs had already partnered Kakao’s Ground X blockchain subsidiary to develop blockchain apps and pursue research and development.
The company had previously raised more than $118m of capital from undisclosed investors in May 2018 and expects its cash reserves to fund operations for the next seven years.