APY.Finance (APY), an automated yield farming platform raised $3.6 million in funding according to a release shared with AMBCrypto today.
The funding announcement has come in after APY.Finance CEO, Will Shahda introduced the self-proclaimed ‘wealthfront for DeFi’ in a blog last month, that also mentioned its alpha launch in mid-October. Continuing from the last announcement, though, APY.Finance will go public with the sale of its native APY tokens as an Initial Dex Offering (IDO) this month, however, the release did not mention when the event was dated.
With regards to the private funding round, APY.Finance’s list of investors includes cryptocurrency trading firm and liquidity provider Alameda Research, and other blockchain and DeFi companies like Arrington XRP Capital, Coingecko, Santiago Roel Santos (Parafi Capital), George Lambeth, Cluster Capital, and the Limited Liability Autonomous Organization (LAO).
APY.Finance planned to use the proceeds to build an automated investment service that offers investors capital efficiency in DeFi. Citing “high barrier-to-entry,” cost, and risks associated with Yield farming, CEO Will Shahda said in a statement:
APY will give users a low-cost frictionless way to pool their liquidity and allocate it across a portfolio of strategies that optimizes for risk-adjusted yield.
In addition to platform development, APY will also use the funds for complex audits, and insurance for risk coverage, amongst other operational expenditures.