Artifact Labs, a Web3 startup that uses blockchain to preserve historical records, has raised $3.25 million in a seed financing round.
The funding round was led by Blue Pool Capital, an investment advisory firm based in Hong Kong, and Animoca Ventures, the venture investment arm of Animoca Brands.
With the funding, Artifact Labs plans to expand its operations and hire more developers to work on its Web3 product roadmap.
The startup was initially incubated by the South China Morning Post, a news media company that has been reporting on China for over a century.
In February, Artifact Labs made headlines when it teamed up with RMS Titanic Inc to turn 5,500 physical artifacts from the Titanic into non-fungible tokens (NFTs).
Recently, Artifact Labs also announced its acquisition of Refinable Limited, a popular Web3 platform for NFT creators. This acquisition will help Artifact Labs speed up the development of its Web3 product roadmap, including the creation of a decentralized marketplace for NFTs.
Artifact Labs is among the many Web3 startups that are using blockchain technology to disrupt industries and offer new ways of preserving and transferring value. The latest funding round highlights the increasing interest in Web3 and blockchain-based solutions among investors.