Today: Apr 23, 2024

Dynamic Labs bags $13.5M, led by a16z & Founders Fund.

4 months ago
  • Web3 authentication and authorization platform Dynamic Labs has raised $13.5 million in a funding round led by a16z and Founders Fund.
  • The company provides tech for crypto and non-crypto companies to create seamless log-in experiences backed by digital wallets.
  • Dynamic Labs’ business model includes services that can either push the crypto wallet technology to the background for less savvy users or highlight it for Web3 natives.
  • The funding will be primarily used for hiring engineers and marketing efforts.

Dynamic Labs, a startup focusing on Web3 authentication and authorization, announced that it has raised $13.5 million in a funding round led by renowned venture capital firms a16z and Founders Fund. This represents a continuation of a previous round that raised $7.5 million, also led by a16z, pointing to a strong partnership between the firms.

Founded by MIT graduates Itai Turbahn and Yoni Goldberg, Dynamic Labs developed technology that enables both crypto-centric and traditional companies to create more seamless log-in experiences, using digital wallets. The system can be adjusted based on the end-user’s experience with cryptocurrencies, either being more prominent for those familiarized with the Web3 environment or being more “invisible” for those that are less savvy.

Among Dynamic Labs’ customers, there are high-profile names such as NFT company Doodles and blockchain analytics platform Flooz. Despite a decrease in the overall market interest in cryptocurrencies, Dynamic Labs reported 1.6 million people in interaction with its technology through its customer’s products, emphasizing the increasing relevance of Web3 and digital wallets.

When asked about the use of the funding, Turbahn stated that the majority would be allocated to the hiring of engineers, to improve and expand the capabilities of their platform. Other uses include marketing efforts, to help their solutions reach a broader audience.

Arianna Simpson, a general partner at a16z, endorsed Dynamic Labs’ efforts in improving Web3 onboarding experiences, reinforcing the importance of their solutions in this emerging marketplace. She stated, “We’ve long believed that smoother onboarding and auth would become the norm, and it’s a problem the Dynamic team has been tackling head-on.”

Turbahn closed the conversation by expressing his belief in the future of the technology, stating, “We fundamentally believe that if you fast forward five years, everything turns into a wallet.”