Avail, a modular blockchain project that spun out of Polygon last year, has raised $27 million in a seed funding round co-led by Peter Thiel's Founders Fund and Dragonfly.

Other investors in the round included SevenX Ventures, Figment Capital, Nomad Capital, and several unidentified angel investors, Avail said Monday.

Anurag Arjun, co-founder of Avail, declined to comment on the structure of the round and valuation, but a source with knowledge of the matter said the round was structured as a simple agreement for future tokens and gave Avail a fully diluted valuation of several hundred million dollars.

Arjun said Avail is currently raising another round of funding, so "we are unable to disclose the valuation until completion" and cannot comment on "structure and FDV at this point of …