AI Infrastructure Firm Levl Raises $7M from Galaxy
Levl, an AI-focused stablecoin infrastructure company, has completed a $7 million funding round led by Galaxy Ventures. The investment underscores continued venture capital interest in foundational infrastructure at the intersection of artificial intelligence and cryptocurrency. The funding was part of a week that saw nine publicly disclosed funding events in the crypto sector.
- The seed round included participation from Protagonist, Deus X, Blockchain Builders Fund, FalconX, CMCC, Variant Fund, and an angel network with leaders from Revolut and Brex. - Levl was spun out of Galaxy Digital in 2023 and is led by CEO Jaisel Sandhu, a former FX trader at AQR; the broader team includes alumni from PayPal, Deutsche Bank, BlackRock, and Brevan Howard. - The firm reports it achieved $1 billion in annualized transaction volume within its first four months of operation and currently supports payouts in over 75 countries. - Its platform specifically supports both fiat currencies and major stablecoins like USDC and USDT, aiming to abstract away the technical complexity for traditional businesses. - Current clients utilizing the infrastructure to serve over 1 million end-users include institutional payment firms TerraPay, TapTap Send, and Nala. - Proceeds from the funding round are targeted for expanding product lines, including B2B cross-border transfers and lending solutions, as well as for geographic expansion into Latin American and African markets. - Lead investor Galaxy views the intersection of crypto and AI as a key thesis, referring to it as the "Great Convergence" and is making significant investments in AI-related infrastructure alongside its venture bets.
