Andalusia Labs, formerly RiskHarbor, has raised $48 million in Series A funding. Specifically from Lightspeed Venture Partners. According to TechCrunch, this values the company at more than $1 billion.
The company specializes in security systems related to blockchain infrastructure. The global headquarters will be based in Abu Dhabi and its teams will accelerate the development of Karak Blockchain Testnet, a risk management and artificial intelligence infrastructure.
About Andalusia Labs
Andalusia Labs is a collection of advanced technology solutions including Karak, Subsea and Watchtower. Andalusia Labs is backed by Coinbase, Lightspeed, Mubadala (Abu Dhabi Sovereign Wealth Fund), Bain Capital, Pantera Capital, Framework Ventures, Digital Currency Group, Proof Group, Nima Capital and Naval Ravikant, as well as founders, general partners and executives from leading global organizations such as Founders Fund, Google, Coinbase and others.
According to an official announcement, the Series A round was led by Lightspeed with participation from Mubadala Capital, the asset management arm of Mubadala Investment Company, along with investors Pantera Capital, Framework Ventures, Bain Capital Ventures and Digital Currency Group. Other investors include Coinbase, Proof Group, Nima Capital, Naval Ravikant, and Founders and General Partners.
Andalusia Labs says this fundraising has three main goals:
- Accelerate product development
- Accelerate global expansion
- Develop the team
Accelerate product development: launching Karak Blockchain Testnet
Karak, an EVM-enabled layer 2 blockchain, is a risk management infrastructure that prioritizes financial security while meeting the highest standards of efficiency, scalability, and availability.
By combining risk management, adjustment and artificial intelligence capabilities, Karak enables developers to build innovative, secure and efficient blockchain applications from day one. Karak introduces a new security paradigm for other blockchains, providing risk management on other networks through a new interoperability mechanism to be announced soon.
The Karak blockchain is now hosted by Open Testnet. Users can interact with Testnet by linking assets to the Karak blockchain and using the Underwater Protocol. It is built on the Karak blockchain and is also part of Open Testnet. Karak Mainnet will be launched next week.
Global Expansion: Headquarters in Abu Dhabi
The establishment of a global headquarters in the capital city of Abu Dhabi underscores the company's commitment to expanding its global footprint. It also shows that Abu Dhabi is a leading financial center for digital assets. The capital drives growth and fosters innovation through its progressive regulatory structure, unique connectivity to eastern and western markets. It is also home to some of the world's largest markets and sovereign wealth funds, offering privileged access to institutional capital.
The sector has grown significantly in recent months and with it the need for risk infrastructure, in particular what Andalusia Labs has created with Karak, Subsea and Watchtower. The team is growing rapidly and is actively looking for experts around the world in engineering, cryptocurrency and business development.
Andalusia Lab's goal is to become an important link in the development of new open digital economies, helping to power the world's most secure and reliable financial applications, protecting and strengthening the financial interests of the next billion users who will use them.