CXIP Labs closes $6.5M funding round

CXIP Labs, a protocol for minting or producing NFT tokens, said it raised $6.5 million early on to launch Holograph, a suite of products aimed at NFT creators and businesses.

The round was led by Courtside Ventures and Wave Financial, with Vaynerfund Gary Vaynerchuk and celebrities Diplo, Gmoney, Pussy Riot’s and NFT artist Justin Aversano leading the round, according to a press release on Tuesday. The Holograph package will include three source products – Bridge, Core and Mint. Bridge allows the transfer of NFTs between Ethereum Virtual Machine (EVM) blockchains. Core is a multi-threaded application programming interface (API) for software developers while Mint is a minting interface designed for creators.

The CXIP Labs protocol has been used to deploy NFT drops from Sotheby’s Metaverse and Nifty Gateway, as well as the UkraineDAO NFT project, which has raised almost $7 million to support Ukraine in its war against Russia.

“The CXIP Labs team has a proven track record of supporting the rights of artists in the creative industries, the foundations of Web 3 and the vision of the future for creators informed by some of the smartest people in Web 3,” Gary Vaynerchuk, founder of VaynerFund, said in a press release.

The project is leveraging celebrity support from all quarters, adding musicians Pharrell Williams and Joe Jonas to its advisory board. Other participants in the round included Arca NFT Fund, Infinity Ventures Crypto, Kenetic Capital, Mirana Ventures, Company Ventures, Avalaunch, Soma Capital, Kosmos VC, and Palm Drive Capital. CXIP Labs’ most recent funding came in July 2021 when it raised a $1.7 million seed round, also led by Courtside Ventures.