Intensity Labs, the developer of the "intent-centric" DeFi protocol Shogun, has raised $6.9 million in a seed funding round.

Polychain Capital and DAO5 co-led the round, with Arrington Capital, Arthur Hayes' family office Maelstrom and Build-a-Bera participating, Intensity Labs said Wednesday. Angel investors, including Cobie, Ansem, Ser Shokunin and Meltem Demirors, also joined the round. 

Intensity Labs began raising money for this round in January of this year, and it was "oversubscribed" by mid-February, co-founder Rahul Patel told The Block. The project initially planned to raise $5 million, but due to "high demand, we did the meme number of $6.9 million," Patel said.

The funding round was structured as a simple agreement for future equity (SAFE) with token warrants, …