Metuchen, N.J.-based Leavitt Innovations, the lead developer of DeFi money market and decentralized exchange protocol Dolomite, has closed on a $2.5 million seed round led by California venture firm Draper Goren Holm and Sarasota, Fla.-based Numismatic Guaranty Company, a unit of investing giant Blackstone.
Over a dozen firms, New York-based 6th Man Ventures, including San Francisco-based Coinbase Ventures, Britain’s WWVentures, Token Metrics Ventures, Orchard Street Capital and Guanxi DAO. Angel investors include Matthew Finestone, Kyle Rojas, David Bleznak, Coinflipcanada, CryptoCondom, 1chioku.eth and slappjakke.eth.
“Dolomite’s team has a deep understanding of the DeFi ecosystem and has demonstrated the ability to execute on their vision,” said Alon Goren, DGH’s founding partner. “We are confident that they will continue to lead the way in DeFi innovation.”
Dolomite’s architecture claims higher capital efficiency and broader asset support. With its recent full integration of GLP, the popular yield-generating asset that can be used as collateral for borrowings.
“Our integration of GLP is just the beginning,” said Corey Caplan, Leavitt Innovations co-founder and president. “We have many other valuable integrations in the works that exemplify our protocol’s strengths.”
NGC’s Chris Miller said the company’s “focus on capital efficiency and composability means Dolomite will be the DEX of choice for both DeFi ‘degens’, institutional traders, and other protocols alike.”
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Leavitt Innovations was co-founded by Caplan and Adam Knuckey, both of whom are engineers who studied at Lehigh University. The duo also worked together in the creation of an Android decentralized exchange for the Loopring Foundation.
Before starting Dolomite, Caplan ran a software consulting company whose clients included AXA Advisors, a Fortune 500 Company. At Lehigh, he graduated with a dually-accredited degree in computer science and business.
Knuckey, who serves as vice president of Leavitt Innovations, is a full stack web developer, with a dually-accredited degree in computer science and business from Lehigh. He has also been a trader/engineer in the cryptocurrency space.
