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Crypto Startup Ava Labs Seeks Funds at $5 Billion Valuation

  • Financing will bring in $350 million, person familiar says
  • Avalanche network has been gaining traction with developers

Ava Labs Inc., the lead developer of the Avalanche blockchain, is in the process of raising a new round of funding, according to people familiar with the discussions. Its new valuation would make it one of world’s most highly valued crypto startups.

The company, founded and helmed by Cornell University professor Emin Gun Sirer, is raising $350 million at a $5.25 billion valuation, said one of the people, who spoke on condition of anonymity because the round hasn’t been made public.