DeFi Portfolio Manager provider Sommelier secured $23 Million in Series A funding

Sommelier, a California based decentralized and automated DeFi portfolio manager software, has recently secured $23 million in a Series A funding round.

Sommelier was founded by the Zaki Manian. It has developed a software platform that acts as a co-processor to the Ethereum Virtual Machine (EVM) and goes DeFi Liquidity Providers (LPs) tools for authoring and automating complex liquidity management transactions without the need of a trusted intermediary.

Zaki Manian, Co-Founder of Sommelier, said, "Sommelier is bringing the promise of the Cosmos blockchain and Tendermint consensus to power a new approach to financial engineering and portfolio management. Over the past decade, we've seen incredible decentralized foundations built as a number of blockchain platforms have emerged with numerous use cases, and we're excited to use this funding to tap the potential of blockchains to create automated portfolio management tools that surpass even what's possible in traditional, centralized finance."

Olaf Carlson-Wee, Founder and CEO of Polychain Capital, said, "Sommelier is revolutionizing traditional portfolio management by empowering Liquidity Providers with decentralized execution automation. Zaki and Sommelier's world-class team is bringing the right product to market at exactly the right time as more and more individuals and institutions make DeFi part of their investing strategies and we are proud to play a role in their growth through this important funding round."

The round was backed by the Polychain Capital. Other participating investors include Byzantine Ventures, D1 Ventures, Ferngrove Ventures, Zola Ventures, Secure Ventures, and Tendermint Ventures.

The company, as of now, has plans to use the funds to upgrade the network software to launch Sommelier Cellars, a layer of liquidity management software targeting the top Ethereum Virtual Machine complaint blockchain as well as rapidly growing Layer 2 liquidity pools, notes the announcement.