Sommelier Raises $23M in Series A Funding

Sommelier, a San Francisco, CA-based decentralized and automated DeFi portfolio manager software, raised $23m in Series A funding.

The round was led by Polychain Capital with participation from existing investor Alameda Ventures and new investors Zola Ventures, Byzantine Ventures, Tendermint Ventures, Secure Ventures, D1 Ventures, and Ferngrove Ventures.

Led by Zaki Manian, Sommelier has developed a software platform that acts as a co-processor to the Ethereum Virtual Machine (EVM) and gives DeFi Liquidity Providers (LPs) tools for authoring and automating complex liquidity management transactions without the need of a trusted intermediary.

The company intends to use the funds to upgrade the network software to launch Sommelier Cellars, a layer of liquidity management software targeting the top Ethereum and Ethereum Virtual Machine  compliant blockchains as well as the rapidly growing  Layer 2  liquidity pools.

Already, Liquidity Providers can use Sommelier’s Pairings to automatically optimize the placement and concentration of their capital across Uniswap v3 liquidity pools.

FinSMEs

20/10/2021