Bitcoin back-end developer unwriter has announced a US$1.6 million investment in his company, Planaria Corp. Rather than follow a traditional VC-led funding round, unwriter opted for a pool of individual and corporate accredited investors known as “mass syndication” because he was already receiving unsolicited investment interest.
Included in the funding round were Ausvic Capital, Calvin Ayre, John Coyle, Ken Shishido, Mempool, Persimmon Hill Limited, and Unbounded Capital—though unwriter did not specify the level of each party’s contribution. He said the mass syndication approach meant he, as Founder of Planaria Corp., created a term sheet and presented it to potential investors rather than relying on a lead venture funder to make the term sheet.
unwriter said a priority would be hiring a handful of other developers to work with. He noted he would be looking for “crazy people”; individuals interested in creating new types of value rather than trying to fit existing business models.
“unwriter has been a prolific creator of developer tools for BSV,” stated Calvin Ayre. “I choose to invest in his company to help increase the availability of even more tools developers need to build on BSV easily.”
A former BCH developer, unwriter has released a number of infrastructure services in 2019 aimed at allowing Bitcoin applications to make fast yet secure data calls. These include code libraries and database-mapping tools including Bitwork, Bitbus, Grid Planaria and Neon Planaria, Overpool, BOB and MOM.
In July 2019 he announced his Planaria project would become a corporation called Planaria Corp, and called for interest from seed round investors. He said his goal for the company was “to create a globally distributed,