Orbs raises $118 million to fund development of blockchain platform for large-scale consumer apps

Orbs, the blockchain platform built for large-scale consumer applications, announced it has already raised more than $118 million to fund the development and launch of the Orbs platform, which it will bring to market in June.

Orbs’ goal is to commoditize blockchain infrastructure for large-scale consumer applications. Orbs is building a fully decentralized public platform that makes the transition to blockchain easier for the industry as a whole.

The platform is specially designed to meet the needs of large-scale consumer applications, with a core product experience inspired by well-established infrastructure solutions such as Amazon Web Services (AWS) and familiar terminology like Service Level Agreements (SLA) and dedicated resources.

Orbs was founded by Tal Kol, Uriel Peled, and Daniel Peled; all three are veteran entrepreneurs with experience building consumer applications including successful acquisitions to Alibaba and Wix.com. In order to achieve their goal of building a blockchain for consumer apps, they’ve recruited over 60 employees from leading startups and academic institutions.

Orbs has recently released its two cornerstone documents, a position paper outlining its technology and strategy and the white paper for their own consensus algorithm, Helix. Both papers outline the company’s laser focus on technological solutions needed for the consumer application market’s unique challenges.

Among the early adopters in the Orbs network are Orbs’ initial design partners, whose input has shaped Orbs’ product decisions since its inception. Design partners include the chat app, Kik, adtech giant, Zinc designed with ironSource, business intelligence platform, Endor and payment platforms, PumaPay and Zooz.