DeFi portfolio management startup Bril Finance has raised $3 million in seed funding.
Backers included FalconX, Kosmos Ventures and the Algorand Foundation. In addition to the funding, Bril also launched its flagship product on the Sei Network blockchain, according to a statement shared with The Block.
Bril Finance is a decentralized portfolio management platform that uses algorithms and automatic token deployment to adjust a user’s position.
“Bril has allocated a portion of its funds to create a seamless yield-seeking user experience, develop the liquidity provisioning algorithm and portfolio management strategies, and conduct early integrations with leading automated market makers (AMMs) and decentralized exchange partners to drive the underlying technology to prove. ‘, Connor O’Shea, CEO of Bril Finance, told The Block.
Bril’s next steps
O’Shea added that Bril’s future plans include providing institutional and retail portfolio managers with access to advanced portfolio strategies, in addition to integrating with other AMMs across numerous chains.
“Bril aims to become the leading TVL destination for yield-seeking DeFi users across all ecosystems,” said O’Shea. “They are rolling out deployments on Sei and want to work with leading blockchains including Ethereum, Base, Avalanche, Polygon, Arbitrum and more.”