The company aims to drive the adoption of the blockchain technology by overcoming the current limitations that hinder its usage by companies.

Oasis Labs, a cloud computing platform provider, has announced it raised $45 million in funding led by a16zcrypto and a group of investors, which include Accel, Binance, Electric Capital, Foundation Capital, DCVC (Data Collective), Polychain, Pantera, Metastable, and others.

Launched by a team of academic and entrepreneurial leaders, Oasis Labs is the first blockchain-based smart contract platform developed to provide increased security, privacy, performance and scalability. The project’s team has big experience in privacy, distributed systems, artificial intelligence and machine learning. Its founders led a number of open source projects in the sphere of privacy-preserving computing that contributed to the launch of the Oasis Labs platform.

The company has attracted investment from a broad range of blockchain industry players, including cryptocurrency funds, hardware producers, and venture capital firms.

“Today’s internet is experiencing significant growing pains when it comes to providing effective security and privacy protections, which is only compounded by the rise of data-intensive services like AI,” said Jake Flomenberg, partner at Accel. “At the same time, however, the opportunity has never been greater to responsibly leverage data in the web’s next phase of products and innovation. Oasis Labs is forging a new path by giving people control over their data while delivering a high-performance blockchain platform that will reshape the future of the cloud,” he added.

According to Oasis Labs, the project’s goal is to deliver the features not possible on existing blockchain systems, such as greater processing power and advanced security and privacy. Dr. Dawn Song, CEO of Oasis Labs, says blockchain’s limitations prevent developers and companies from using the technology:

“Blockchains are poised to revolutionize much of the way we live, but many developers and organizations have understandable concerns about performance and privacy limitations that are currently hindering their ability to embrace the technology.”

“The Oasis platform aims to give users control over their data, and at the same time deliver superior performance and privacy capabilities. Our goal is to build the scalable and secure decentralized internet that puts users first.”

Oasis Labs is now welcoming developers to use their private testnet for the development of their own apps.

“Our team has been hard at work building the platform for blockchain’s most meaningful applications,” said Raymond Cheng, the co-founder and CTO of Oasis Labs. “The next step is getting our product in the hands of developers who align with our mission and can help inform the evolution of the platform as they build applications upon it. We can’t wait to show them what we’ve been up to.”

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