# Biconomy Labs Pte.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/biconomy-labs-pte

- Industry: Software
- Headquarters: Singapore, Singapore
- Website: www.biconomy.io
- Total disclosed funding: $3M
- Latest round: Seed (Jan 11, 2021)
- Investors on record: 10

## About

Biconomy Labs Pte. Ltd. specializes in providing advanced blockchain solutions that simplify decentralized finance interactions, allowing users to manage multi-chain transactions efficiently and seamlessly.Biconomy Labs Pte. Ltd. is focused on enhancing decentralized finance (DeFi) interactions through its innovative Biconomy Network. Founded in 2019 and headquartered in Singapore, the company has raised a total of USD 9.00 mn in venture funding through three deals, with the most recent round occurring on July 28, 2021. The funding was co-led by Mechanism Capital and Digital Asset Capital Management, with involvement from a diverse group of investors including Coinbase Ventures and Bain Capital. The founders, Ahmed ???, Aniket Jindal, and Sachin Tomar, have notable backgrounds in technology and entrepreneurship, having previously contributed to various initiatives in the blockchain and tech sectors.Biconomy offers a comprehensive suite of blockchain solutions aimed at simplifying DeFi interactions across various blockchains. Its core product, the Biconomy Network, allows users to execute complex multi-transaction workflows without incurring gas fees for each transaction, all facilitated with a single signature. This innovative technology leverages the ERC-4337 and ERC-7579 standards, providing an abstracted experience that alleviates on-chain complexities. The company primarily serves developers and businesses in the blockchain landscape, while also catering to end-users engaging in multi-chain DeFi activities. Biconomy's services are offered globally, with a strong emphasis on regions experiencing rapid blockchain advancement, particularly in North America, Europe, and parts of Asia.In 2023, Biconomy reported a revenue of USD 5,369,292, alongside an EBITDA of USD 249,251. The company generates revenue through transaction fees associated with its network services, as well as potential partnerships with wallet providers and DeFi platforms that utilize Biconomy's infrastructure. By serving app developers, Biconomy creates a layered revenue structure where decentralized applications can charge users for transactions executed through its network, while also providing gas abstraction features. The BICO token plays a significant role in the ecosystem, contributing to the overall network's economic model.Biconomy Labs Pte. Ltd. plans to utilize the recent funding of USD 9.00 mn raised on July 28, 2021, to further develop its multi-chain transaction infrastructure. The company is focused on launching new products aimed at enhancing its service offerings, with specific details on release dates to be announced. Additionally, Biconomy aims to expand into new markets, particularly targeting opportunities in Europe and Asia by the end of 2023, to better accommodate the growing demand for cross-chain compatibility. This strategic expansion is aligned with the company’s objective to enhance its technological capabilities and market presence in the rapidly evolving blockchain landscape.

## Funding rounds

- Seed, Jan 11, 2021, $1.5M — Woodstock Capital Partners, Fenbushi Capital, Outlier Ventures, YZi Labs, Digital Asset Capital Management, Eden Block, Zee Prime Capital, MIH Ventures
- Seed, Dec 31, 2020, $1.5M — Woodstock Capital Partners, Fenbushi Capital, Outlier Ventures, Coinbase Ventures, YZi Labs, Digital Asset Capital Management, Eden Block, Zee Prime Capital, Rarestone Capital, MIH Ventures

## Investors

- Woodstock Capital Partners — Seed
- Fenbushi Capital (https://capitalatlas.ai/funds/fenbushi-capital) — Seed
- Outlier Ventures — Seed
- Coinbase Ventures (https://capitalatlas.ai/funds/coinbase-ventures) — Seed
- YZi Labs (https://capitalatlas.ai/funds/yzi-labs) — Seed
- Digital Asset Capital Management (https://capitalatlas.ai/funds/digital-asset-capital-management) — Seed
- Eden Block (https://capitalatlas.ai/funds/eden-block) — Seed
- Zee Prime Capital (https://capitalatlas.ai/funds/zee-prime-capital) — Seed
- Rarestone Capital (https://capitalatlas.ai/funds/rarestone-capital) — Seed
- MIH Ventures (https://capitalatlas.ai/funds/mih-ventures) — Seed