Crypto funding: A16z bets on blockchain infrastructure

The tech VC participated in rounds for two infrastructure projects that went through a16z’s crypto startup school this summer

article-image

Suriyawut Suriya/Shutterstock modified by Blockworks

share

This week, venture fund a16z joined two crypto funding rounds. This follows recent reports from Axios indicating a delay in Andreessen’s upcoming crypto investment initiatives to 2025.

Both rounds centered on blockchain infrastructure ventures.

A16z led a $4.2 million seed round for Pimlico, an infrastructure product working to let wallet developers abstract away parts of the payment process. In a blog post announcing the raise, a16z general partner Sriram Krishnan said Pimlico CEO Kristof Gazso participated in the venture firm’s crypto startup school in Los Angeles. 

“By the end of Crypto Startup School, we were convinced that no one was better equipped to build the supporting infrastructure for account abstraction than Kristof,” Krishnan wrote.

The use of Pimlico’s form of account abstraction has increased for four straight months, according to data from 1confirmation general partner Richard Chen.

A16z also participated in a $5.5 million seed round for the developer tool Stackr. 

Stackr built a software development kit (SDK) to let developers build Web3 apps using general-programming languages — starting with JavaScript. Stackr lets developers create “micro-rollups,” the platform’s term for rollups that separate execution and proving. This design prioritizes ease of development over decentralization, adapting rollup technology to better suit developers’ needs.

The Stackr investment came from a16z’s 2023 crypto startup school.

These two investments mark a16z crypto’s return to backing blockchain infrastructure startups. Their last similar move was in LayerZero’s $120 million round in April, according to CryptoRank. Meanwhile, Lightspeed Faction announced its $285 million crypto venture fund this week, telling Blockworks that Faction is primarily interested in infrastructure and protocol level projects.

A16z did not return a request for comment. Other notable recent ventures from the megafund include a restaurant rewards app and a Web3 gaming studio

Read more: A16z eyes $3.4B raise for next venture funds: Axios

Decentralized AI project lands $25 million

The decentralized AI project Ritual secured $25 million in seed funding, Blockworks previously reported. The round was led by Archetype with participation from Accomplice and Robot Ventures.

In a blog post announcing the fundraise and the company, Ritual highlighted that the crypto space is already working to address key challenges for AI startups, such as centralized APIs, closed-source code and high computational costs.

Ritual hopes to launch its platform in early 2024 with a focus on letting AI preserve transparency and privacy. The project is advised by the founders of NEAR Protocol and Eigenlayer.

Ritual’s raise comes the same week as OpenAI’s DevDay conference and shortly after X debuted its own chatbot, Grok. 

Other notable fundraises

Updated Nov. 15, 2023 at 1:00 pm ET: Clarified that a16z’s Stackr investment was only through its crypto startup school.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

Combining Franklin Templeton’s tokenization expertise with Binance’s trading infrastructure could speed crypto adoption, companies say

article-image

The firm’s upcoming filing comes as competition heats up over the USDH stablecoin

article-image

Robinhood and Coinbase are vying for user attention with new social features that could rival Twitter

article-image

Atkins backs predictable digital asset framework through Project Crypto, marking a departure from prior enforcement tactics

by Blockworks /
article-image

Following a roundtable, the startup emerges as frontrunner, despite entries from Paxos, Ethena, and others