Coinbase, Bain Capital Invest in Blockchain Developer Spacemesh

Polychain Capital, a San Francisco-based investor in cryptocurrency protocols and companies, has led a $15 million Series A for blockchain developer Spacemesh, the latter announced Wednesday. Participating investors include Coinbase Ventures, the early stage fund of bitcoin exchange Coinbase, and Bain Capital Ventures. Spacemesh previously raised $3 million in seed, including from NFX co-founder Gigi Levy-Weiss.

Founded in 2017 by Israel-born Aviv Eyal and Tomer Afek, Spacemesh defines itself as a “community of academic researchers and open source developers developing a base layer protocol for a new blockchain infrastructure.” The company stated it intends to use the funding to develop its own protocol, as well as a programmable cryptocurrency, and has no plans to raise additional funds.