Axal Secures $2.5M in Pre-Seed Funding to Forge Verifiable Agent Network

By Dominic Sow · 1 November 2024

Axal — a blockchain innovator developing a network for verifiable autonomous agents — today announces that it has secured a $2.5 million pre-seed funding to expand its team and develop the core architecture behind its generalized intent creation, coordination, and verification system. Led by CMT Digital — a leading global venture capital firm focused on early-stage investments that accelerate the adoption of blockchain technology — this funding round also saw participation from a16z Crypto Startup School, Escape Velocity, IDG Vietnam, Artichoke Capital, Trident Digital, Blockchain Builders Fund, Blockhunters Group, Echo, and the Mentat Group, in addition to angel investors such as Rushi Manche, Darius Rugys, and Comfy Capital. As part of Movement Labs’ Move Collective accelerator program, Axal is actively building to deploy on Movement’s home chain at launch, where it will support Movement DeFi applications like Meridian and Echelon with verifiable agents. Building on the pioneering work of UniswapX, Across, and other leaders in the intents space, Axal expands intent use cases beyond swaps and bridging to complex, multi-step automations. By sourcing and verifying intelligent agents for complex tasks like user engagement or DeFi yield management, users can reliably “outsource” entire processes to competitive markets. "Imagine a world where you can state a request, no matter how complex or time consuming, and an agent immediately fulfills it with guarantees they did it correctly,” said Ash Ahmed, Founder of Axal. “This is a magical yet totally possible future when one combines the abstraction power of intents, the trust guarantees of blockchains, and competitive markets of agents (AI or human). Axal is building for this future.” "Axal's vision represents a paradigm shift in how we interact with blockchain technology,” said Sam Hallene, Investment Partner at CMT Digital. “Their focus on generalizing intents and verifying autonomous agents addresses crucial needs in our evolving digital world.” Axal is launching their first product, Axal Autopilot, an agent-powered trading automation platform. Anyone who holds crypto can quickly spin up a strategy catered to their risk profile without worrying about tracking prices, tedious onchain swaps and bridging operations, or thinking about how to earn yield. This follows early success stories with closed beta partners like Gitcoin.