NextBlock has invested $3 million in a seed funding round for Soda Labs. The capital will support the company over the next 12 to 18 months as it scales commercial adoption and expands its validator network.
Soda Labs develops privacy infrastructure for public blockchains using garbled circuits and multiparty computation. Its technology, which runs on standard cloud CPUs, has processed over 100 million transactions on the COTI network.
The company is currently transitioning from its gcEVM layer to Soda Bubble, a chain-agnostic coprocessor. This system is live on Ethereum, Polygon, Arbitrum, Base, and COTI, with plans to expand to Solana and other non-EVM networks.
Internal testing on Arbitrum indicates a five- to tenfold performance improvement over previous benchmarks. The company claims its architecture offers 10 to 100 times higher throughput and 100 to 1,000 times lower costs than existing alternatives.
The startup is currently working on undisclosed pilots with financial and infrastructure organizations. The new funding will facilitate team growth and integrations with banks, payment providers, and tokenization platforms.
