US-based Alpha Wave Global co-led a seed funding round along with 8i Ventures for NFT startup Revise Friday, raising $3.5 million (around Rs 27 crore).
An NFT is a non-interchangable unit of data stored on a blockchain that can be sold or traded.
Founded in 2012 and having backed several big names from the startup ecosystem, this is Alpha Wave Global’s first investment in a company focused around the NFT structure. The venture capital firm counts names such as Ola, Swiggy, Alibaba, Bounce, Cars24, Cred, Dailyhunt, Delhivery, Dream11 and Lenskart among others, in its portfolio.
"The entire NFT space has seen a massive narrative shift as people have discovered that NFTs can be more than just digital collectables or static assets," said Tushar Behl, Analyst, Alpha Wave Global.
We loved Revise and the founders for their deep product insight and a forward-looking vision of the space. What the team at Revise is building can become the most fundamental layer for NFT provenance and programming, much like Chainlink did for Defi," he added.
Other investors who participated in the funding round included Web3-based Ehterium scaling platform Polygon’s Sandeep Nailwal, DeFi Pulse’s Scott Lewis, AngelList’s Utsav Somani, Bharat Founders Fund and Rahul Chaudhary of Treebo.
Founded by Anil Dukkitpatty and Raunaq Vaisoha, Revise offers developers the rails to program non-fungible tokens (NFTs) to interact with apps and data. This takes NFTs from static images to interactive objects which can react to applications and real-world events. It enables users to build their interactive metaverse. Revise said that it adds a layer of governance for the storage through its data structure, enabling an audit trail for all revisions made to an NFT based on the programming, so an NFT creator can handle dispute resolution in a trustable and seamless manner.
The startup said it plans to deploy the fresh capital for hiring and expansion. “As NFTs go from culture to utility, Revise aims to lower the barrier to programming NFTs. With Revise in their toolkit, developers can offer creative and powerful utilities to their community through their NFT without sacrificing governance," said Raunaq Vaisoha, co-founder, Revise.
Earlier, Dukkitpatty and Vaisoha also co-founded blockchain startup, Elemential Labs, which worked with well-known enterprises such as NSE, NSDL, CAMS, ICICI Bank, among others.
