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Siphon Lab, a DeFi startup in the Sui ecosystem, has completed a $1.2 million seed round of financing with Kima Ventures as the lead investor.

BlockBeats news reported on May 8th that Siphon Lab, a DeFi startup in the Sui ecosystem, announced the completion of a $1.2 million seed round of financing. Kima Ventures led the investment with participation from Waveline Capital, BT Growth Capital, Uno Ventures, Quidnet Ventures, Mava Ventures, as well as a group of angel investors from the Web3 and Web2 fields. The new funds will be used to expand business operations, train personnel, and accelerate development. Siphon Lab is currently building the "Siphon Universe" on the Sui network, which includes liquidity staking protocols such as Tradeify and Liquidify. The goal is to maximize the capital efficiency of SUI throughout the entire ecosystem.

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