Analog, a blockchain interoperability project building cross-chain communication infrastructure, has raised $16 million in a seed and strategic funding round.

Tribe Capital led the round, with NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Mike Novogratz’s Samara Asset Group, Balaji Srinivasan and others participating, Analog said Monday. The firm started raising the round in October and closed it in December, Analog co-founder Victor Young told The Block. The funding was realized via a simple agreement for future tokens, or SAFT, Young said, adding that the round brought Analog’s fully diluted valuation to $120 million.

Young, a blockchain developer and investor, founded Analog in 2021 with Sanchal Ranjan, a former Y Combinator-backed entrepreneur and currently a “genesis member” of …