Web 3.0 infrastructure network startup Biconomy announced today that it has raised $9 million to scale up its current products and ensure its multiblockchain transaction infrastructure is ready for next-generation Web 3.0 applications.

DACM and Mechanism Capital led the private funding round. Other investors included Coinbase Ventures, Coinfund, True Ventures, Bain Capital Ventures, NFX, Proof Group, Ledgerprime, Huobi Innovation Labs, Primitive Ventures, Genblock, Rarestone Capital, Woodstock Fund, Eden Block and Zee Prime Capital.

Founded in 2019, Biconomy is building transaction infrastructure for Web 3.0. Originally called the semantic web, Web 3.0 is the interconnection of data in a decentralized way. Described by some as “the next evolution of the internet,” Web 3.0 involves removing middlemen from transactions and having regulatory bodies take a back seat to community-based, self-governing rule.

What Biconomy is building is a network that it says overcomes critical roadblocks to user adoption of Web 3.0 applications stemming from complex onboarding and confusing transaction experiences. The core of Biconomy’s mission is to facilitate easy access to decentralized blockchain interactions and create seamless multichain experiences.

The company’s solution is to enable use cases such as gasless transactions — those that don’t require “gas” or fees for computation used in transactions — gas payments in ERC20 tokens and instant cross-chain transactions. Biconomy aims to reduce the friction between blockchain-based applications and end users. Biconomy services include plug-and-play software development kits and application programming interfaces that enable developers to offer a convenient Web 3.0 experience that removes friction points.

The company says it has seen solid growth. Biconomy has already processed more than 3.6 million mainnet transactions representing $572 million in transaction volume for more than 30 live integrations on all major chains.

“The plethora of bottlenecks of Web 3.0 transactions, such as gas fees, ETH-only payments, complicated onboarding processes and fragmented Layer 2s along with a booming multichain ecosystem emerging have created major challenges for blockchain adoption,” Ahmed Al-Balaghi, chief executive officer of Biconomy, said in a statement. “If we are able to solve even a fraction of those challenges, we believe we will be able to onboard the next billion users into the DeFi and broader web3.0 ecosystem.”

Including the new funding, Biconomy has raised $10.5 million to date, according to data from Crunchbase.

Image: Biconomy