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FalconX participates in $3 million seed round for DeFi portfolio manager Bril Finance

source-logo  theblock.co 27 September 2023 14:40, UTC

The DeFi portfolio management startup Bril Finance raised $3 million in seed funding.

Backers included FalconX, Kosmos Ventures and the Algorand Foundation. In addition to the funding, Bril also launched its flagship product on the Sei Network blockchain, according to a statement shared with The Block.

Bril Finance is a decentralized portfolio management platform that uses algorithms and automatic token deployment to adjust a user's position.

"Bril has allocated a portion of its funds to create a seamless yield-seeking user experience, develop the liquidity provisions algorithm and portfolio management strategies, and conduct early integrations with leading automated market makers (AMMs) and decentralized exchange partners to prove the underlying technology," Bril Finance CEO Connor O'Shea told The Block.

Bril's next steps

O'Shea added that Bril's future plans include allowing institutional and retail portfolio managers to access sophisticated portfolio strategies, in addition to integrating with other AMMs over numerous chains.

"Bril seeks to become the leading TVL destination for yield-seeking DeFi users across ecosystems," O'Shea said. "They are rolling out deployments on Sei and look to work with leading blockchains including Ethereum, Base, Avalanche, Polygon, Arbitrum and more."