UK web3 infrastructure company Pimlico recently secured $4.2 million in a seed financing round, with a16z crypto leading the investment. Pimlico’s primary objective for this funding is to fuel its expansion efforts.
Pimlico’s strategic focus lies in enhancing Ethereum through the implementation of smart accounts based on ERC-4337. This token standard enables account abstraction, ultimately aiming to simplify Ethereum’s usability and introduce new avenues for executing transactions on the network.
Smart accounts tackle many limitations the Ethereum protocol has hardcoded, namely that each native account is linked to a single private key. Smart accounts introduce completely customizable logic, unlocking capabilities such as gas sponsorship, gas payments with ERC-20 tokens, better account recovery, spending thresholds, FaceID or passkey verification, among many other use-cases we expect from our accounts,
Pimlico CEO Kristoff Gazso said in a statement
Pimlico raised $1.6 million in pre-seed funding led by 1confirmation, with additional participation from Safe, Consensys and over 10 others on Sept. 24.
“We raised this capital because we feel Ethereum is at a pivotal point,” Gazso wrote. “Pimlico was founded to make using Ethereum easier by providing the infrastructure for the new generation of smart accounts.”
