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Subspace Raises $32.9M in a New Round led by Pantera Capital

Subspace Raises $32.9M in a New Round led by Pantera Capital

Subspace Raises $32.9M in a New Round led by Pantera Capital

Subspace Raises $32.9M in a New Round led by Pantera Capital

Subspace Labs, developer of Subspace Network, today announced the completion of a US$32.9 million strategic financing round led by Pantera Capital with participation from Stratos, Coinbase Ventures, Crypto.com, Alameda Research, ConsenSys Mesh, KR1, Hypersphere Ventures, Alumni Ventures Blockchain Fund, GSR Ventures, Eniac Ventures, Bixin Ventures, Definancex, Candaq, Vendetta Capital, Illusionist Group, NGC Ventures, Cabin VC, Gate Ventures, OneBlock Capital, and Automota Network.

Subspace is a new eco-friendly, scalable layer-one blockchain that is able to serve as an infrastructure layer for the entire Web3 ecosystem. From NFT based gaming and metaverses to cross-chain applications, Subspace brings smart storage at Internet scale.

“With the support of our investors, Subspace is re-envisioning the types of apps that can be stored on and secured by a blockchain. We are excited to empower builders with the tools and services they need to unlock the next wave of innovation in Web3.”

— Jeremiah Wagstaff, co-founder and CEO at Subspace Labs

The Subspace Network provides a decentralized and trust-minimized alternative to traditional cloud providers, such as Amazon Web Services (AWS). It is built around a new eco-friendly, massively scalable layer one blockchain that is carefully designed to serve as a decentralized infrastructure layer for the entire Web3 ecosystem. Subspace will allow existing blockchains, layer two protocols, and dapps to scale without compromise.

“Pantera is thrilled to join Subspace as an investor to support its mission to build the foundational infrastructure for Web3. The R&D behind the Subspace Network’s scalability architecture will resolve critical issues holding back the growth of the blockchain industry as a whole.”

— Joey Krug, Co-Chief Investment Officer at Pantera Capital

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Rennick Palley
Rennick Palley

Founding Partner

Rennick Palley

Founding Partner

Rennick founded Stratos in 2016.​ As the Founding Partner, Rennick is responsible for investment decisions, transaction execution, and board involvement. Before founding Stratos, Rennick held the position of Research Associate at Sanders Capital, a $40 billion global equity manager founded by Lewis Sanders, formerly Chairman & CEO of AllianceBernstein L.P. and Chairman and CEO of Sanford C. Bernstein & Co., Inc. Rennick was one of ten investment professionals at the firm and reported directly to Lew.

Rennick credits the evolution of his investment philosophy and process to the influence of Lew and the team at Sanders, which embody a heritage of best in class research established at Bernstein Research. Rennick holds a Bachelors of Science in Applied Mathematics and a Bachelors of Science in Mechanical Engineering, both from Southern Methodist University, and a Masters in Quantitative Finance from the Massachusetts Institute of Technology. Rennick is a founding team member, investor, and advisor to The Goldfinch Protocol, a decentralized finance project backed by the best founders and investors in the fintech and DeFi ecosystem.

Miles Harrell
Miles Harrell

General Partner

Miles Harrell

General Partner

Miles leads operations and compliance as well as oversees capital formation across Stratos. Prior to joining Stratos, Miles served as Portfolio Manager and Director of Equity Research at Brookmont Capital, a top performing US equity manager with nearly $1 billion AUM.

While at Brookmont, the investment portfolio Miles managed was top decile in its Morningstar Category out of over 50 comparable strategies since its inception in 2015. In addition to portfolio management, Miles recruited, trained and managed the firm's research analyst team covering every sector of the US equity market. Miles was instrumental in building the organization at Brookmont, leading to AUM more than doubling during his tenure. Miles received a BS in Economics and Finance from Southern Methodist University.