Versatus Labs, a blockchain scaling startup currently focused on Ethereum, has raised $2.3 million in a seed funding round at a valuation of $50 million.

Investors in the round include NGC Ventures, Republic Crypto and Hyperithm. There was no lead investor in the round, and it was an equity plus token warrant round, Andrew Smith, founder and CEO of Versatus, told The Block.

Versatus, formerly known as VRRB Labs, began raising for the round in June and closed it in August, Smith said.

The seed round brings Versatus's total funding to $3.7 million after a $1.4 million pre-seed round at a $20 million valuation in February. At the time, Versatus was working on a Layer 1 blockchain network, but it has now pivoted to a blockchain scaling platform due to a "lack of market demand" for an …