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HomecryptoPimlico Raises $4.2 Million to Build User-Friendly dApps, Backed by a16z

Pimlico Raises $4.2 Million to Build User-Friendly dApps, Backed by a16z

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London-based startup Pimlico has secured $4.2 million in seed funding from venture capital firm a16z. Pimlico aims to build infrastructure for developers to create user-friendly decentralized applications, or dApps. The investment came shortly after Pimlico’s founder and CEO, Kristof Gazso, graduated from a16z’s Crypto Startup School. The firm’s general partner, Sriram Krishnan, praised Pimlico’s rapid progress in product development and forming partnerships. While a16z continues to invest globally, Krishnan’s team in London will specifically focus on UK founders and startups.

Krishnan highlighted the UK’s potential to become a hub for web3 startups, citing the country’s prestigious universities, deep capital market, sophisticated financial regulators, and the potential for clear and practical regulation. a16z’s team in London will collaborate closely with the Crypto Startup School, which will be hosted in the city in the coming spring.

Following the funding round, Pimlico plans to relocate its five employees from around the world to London. Gazso explained that, despite the allure of Silicon Valley and New York, London is establishing itself as the new crypto hub.

Pimlico’s mission is closely tied to a recent technical upgrade implemented by Ethereum called ERC-4337. This upgrade standardizes the interaction between “smart accounts” and related infrastructure, simplifying the process for developers to incorporate features such as email recovery, social logins, and gas fee sponsorship. Pimlico aims to remove the obstacle of gas fees, allowing end users to enjoy a smoother experience.

These technical advancements enable dApp developers to program functionalities that have long been standard for web2 user accounts. This is seen as a crucial step towards the mass adoption of self-custodial wallets, as users increasingly seek self-sovereignty over their assets following the collapse of centralized finance platform FTX.

Gazso, who co-authored ERC-4337 with Ethereum founder Vitalik Buterin, recognized the need to address the remaining challenges faced by developers utilizing the new standard. To overcome these friction points, he decided to develop a set of tools that would simplify the embedding of account abstraction functionality. By relieving developers of the burden of building their own relaying and sponsoring infrastructure, Gazso aims to facilitate the easy building and scaling of smart accounts.

Drawing a comparison to Stripe’s impact on the digital payments industry, Gazso stated that Pimlico aims to provide an easy-to-use, plug-in payments network for the internet. The startup’s innovation in building infrastructure for user-friendly dApps has captured the attention of a16z and positions Pimlico as a key player in the growing crypto industry.

More detail via TechCrunch here… ( Image via TechCrunch )

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