Blockchain infrastructure Essential announces the completion of a $11 million Series A financing round, with Archetype leading the investment.

Deep Tide TechFlow News, on August 13th, according to The Block, Essential, a blockchain developer focusing on intent-driven Ethereum Layer 2, announced the completion of an $11 million Series A financing. The round was led by Archetype, with participation from IOSG Ventures, Spartan Group, Mirana Ventures, Amber Group, Maven 11, and Big Brain Holdings. In addition, undisclosed angel investors from companies such as Celestia, Hashflow, LI.FI, and Sorella also participated.

Essential started raising Series A funding earlier this year and completed it in June. This round of financing adopted a structure of equity plus token warrants, bringing Essential's total financing to $16.15 million. In September last year, the company received a $5.15 million seed round financing.

Essential introduces intent-driven blockchain infrastructure and Essential Devnet, aimed at making blockchain technology more intuitive and user-friendly through declarative architecture. The newly developed Pint language provides constraints for programmable intent, optimizing user and developer experiences. Essential plans to drive the next paradigm shift in blockchain by reducing on-chain computations, improving scalability.