The round was co-led by Polychain Capital and Hack VC, with participation from Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital, Symbolic Capital, IOSG Ventures and many other investors. The funds will be used to bolster the advancement of Babylon's Bitcoin Staking protocol, which converts the 21 million bitcoins into a decentralized staking asset for the Proof-of-Stake economy in a trustless way.

Babylon is a blockchain project that designs security sharing protocols for the decentralized economy, founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu. Professor Tse is a member of the U.S. Academy of Engineering. He is renowned as the inventor of the legendary proportional-fair scheduling algorithm for wireless communications, and is the recipient of prestigious awards such as the IEEE Claude E. Shannon Award and the IEEE Richard W. Hamming Medal. The project is led by a team of consensus protocol researchers and experienced layer 1 engineers from around the world.