San Francisco-based blockchain development firm Movement Labs has raised $38 million in a Series A round led by Polychain Capital.

Venture capital firms Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5 and Aptos Labs also participated in the round for the Move programming language-based project.

Movement Labs co-founder Rushi Manche could not disclose a valuation or the structure of the round but told The Block that “the substantial capital raised speaks volumes about the immense potential our investors see in our ability to revolutionize the Ethereum ecosystem.”

According to a statement shared with The Block, the funding will support Movement Labs’ mission to bring Facebook's Move Virtual Machine to …