# Variational

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/variational

- Industry: Financial Services
- Headquarters: George Town, Cayman Islands
- Website: www.variational.io/
- Total disclosed funding: $60M
- Latest round: Series A (May 20, 2026)
- Investors on record: 8

## About

Applied Variational Research SEZC, trading under the name Variational, founded in 2022, is a trading technology firm based in George Town, Cayman Islands. The company focuses on trading solutions and operates a singular deal to date.  In May 2026, Variational raised USD 50 million in series A funding led by Dragonfly Digital Management, with participation from Coinbase Ventures, Hack VC, North Island Ventures, Peak XV Partners, Bain Capital, and Brevan Howard. The company was founded by Edward Yu and Lucas V. Schuermann (CEO). Omni is a trading application designed to facilitate the trading of leveraged perpetual contracts (perps) on a diverse range of assets, including memecoins, pre-market tokens, prediction markets, and points markets. The platform operates on the Variational protocol, enabling peer-to-peer trading of perpetual and generalized derivatives. Omni provides access to thousands of trading pairs, regularly enhancing user options to meet the growing demand in emerging markets. This service primarily targets retail traders and investors, promoting fair trading practices through a community-focused approach.  Omni generates revenue through its trading platform by facilitating transactions between users, structured in a community-first model where traders can earn loss rakebacks, and profits are redistributed to the user base. This revenue structure is closely tied to trading volumes and transactional fees associated with executed trades, as users engage in leveraged trading of perps, directly contributing to the platform's financial ecosystem.

## Funding rounds

- Series A, May 20, 2026, $50M — Bain Capital, Brevan Howard, Hack VC, Coinbase Ventures, North Island Ventures, Dragonfly Digital Management, Peak XV Partners
- Seed, Oct 23, 2024, $10M — Hack VC, Coinbase Ventures, Dragonfly Digital Management, North Island Ventures, Peak XV Partners, Bain Capital Crypto

## Investors

- Hack VC (https://capitalatlas.ai/funds/hack-vc) — Seed, Series A
- Coinbase Ventures (https://capitalatlas.ai/funds/coinbase-ventures) — Seed, Series A
- Dragonfly Digital Management (https://capitalatlas.ai/funds/dragonfly-digital-management) — Seed, Series A
- North Island Ventures (https://capitalatlas.ai/funds/north-island-ventures) — Seed, Series A
- Peak XV Partners (https://capitalatlas.ai/funds/peak-xv-partners) — Seed, Series A
- Bain Capital Crypto — Seed
- Bain Capital (https://capitalatlas.ai/funds/bain-capital) — Series A
- Brevan Howard — Series A