A new communication app aiming to take on social media giant Twitter has secured $12.5 million in seed funding. The app, which is based on the decentralized Web3 platform, and being developed by Sending Labs’ promises to offer a more secure and private alternative to traditional social media platforms, the company said in a press release.
“Insignia Venture Partners, MindWorks Capital, and Signum Capital lead the funding round with participation from K3 Ventures, Lingfeng Innovation Fund, UpHonest Capital, and Aipollo Investment. The seed funding accompanies the beta launch of SendingNetwork and SendingMe, the company’s flagship products creating a truly decentralized Web3-native hub for secure chat, transactions, and community-building,” the company said.
The app’s launch comes at a time when many people are concerned about the security and privacy of their online data. Recent high-profile data breaches at companies like Facebook and Twitter have raised questions about the safety of personal information online.
The Web3 platform, on which the app is based, offers a more secure and private alternative to traditional centralized platforms. By using decentralized protocols, Web3 apps can ensure that user data is stored in a distributed network, making it more difficult for hackers to access.
The new communication app will initially be available to a limited group of users, with plans to expand in the coming months. The app’s founder has not yet revealed what features the app will offer but has said that it will be “unlike anything currently available in the market.”
With its innovative approach to communication and strong financial backing, the new Web3-based app is set to shake up the social media landscape and challenge the dominance of established players like Twitter.