# Bima Labs

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

- Industry: Financial Services
- Headquarters: San Mateo, US
- Website: www.bima.money
- Total disclosed funding: $2.3M
- Latest round: Seed (Jul 15, 2024)
- Investors on record: 7

## About

Based in California, US, and founded in 2024 by Chief Executive Officer Siddarth Sridhar, operates as a developer of stablecoins backed by Bitcoin that enables Bitcoin viable for a variety of use cases, including remittances, e-commerce, DeFi, savings, and international trade, by reducing its volatility.  In July 2024, Bima Labs raised USD 2.25 million in seed funding led by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology Corporation, and many more. 

Bima Labs developed USBD, which is a Bitcoin-backed stablecoin, that can be minted by providing Bitcoin liquid staking and restaking tokens as collateral. The company accepts collateral from several blockchains, including Bitcoin, Bitcoin scaling networks, Ethereum Virtual Machine (EVM)-compatible networks and Solana. In addition, the firm’s platform allows users across various BTC L2s and side chains to stake their Bitcoin as collateral and restake corresponding liquid staking and staking tokens into a vault to mint USBD (Universal Stable Bitcoin Dollar).

## Funding rounds

- Seed, Jul 15, 2024, $2.3M — HALO Capital Group, Luxor Technology Corporation, Delta Blockchain Fund, Portal Ventures, Sats Ventures, Draper Goren Blockchain, CORE Foundation

## Investors

- HALO Capital Group — Seed
- Luxor Technology Corporation — Seed
- Delta Blockchain Fund (https://capitalatlas.ai/funds/delta-blockchain-fund) — Seed
- Portal Ventures (https://capitalatlas.ai/funds/portal-ventures) — Seed
- Sats Ventures (https://capitalatlas.ai/funds/sats-ventures) — Seed
- Draper Goren Blockchain (https://capitalatlas.ai/funds/draper-goren-blockchain) — Seed
- CORE Foundation — Seed