Blockchain start-up Hemi, co-founded by early Bitcoin developer Jeff Garzik, has raised $15 million ahead of the launch of its native token. The financing will support the rollout of a modular Layer-2 protocol that aims to add smart-contract functionality to Bitcoin while providing seamless interoperability with the Ethereum network.

The round was co-led by YZi Labs, Republic Crypto and Hyperchain Capital, with participation from Breyer Capital, Selini Capital, Big Brain VC, Crypto.com Capital, Quantstamp and Web3.com Ventures. Hemi said the capital will fund engineering hires, ecosystem grants and the forthcoming mainnet launch.

Marketed as a “programmability layer” for Bitcoin, Hemi seeks to merge Bitcoin’s security model with Ethereum’s decentralized-application tools, creating what it calls a unified supernetwork for on-chain finance. The deal shows that investors remain willing to fund cross-chain infrastructure projects despite ongoing volatility in digital-asset markets.

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