Tea secured $8 Million led by Binance Labs to create Open Source Software

Tea, a San Juan-based company building an open-source software platform on the blockchain, has now secured $8 million in a seed funding round.

Tea was founded by Max Howell. Tea is building the open-source toolkit that helps developers to work on any platform, CI/CD on any platform, deploy on any platform.

Tea Controls the graph of the open-source that underpins all the modern digital infrastructure. Packages will be released on a chain as NFTs with their dependency metadata included.

Max Howell, CEO of Tea, said, "Web 2.0 accrued fortunes on the backs of free labor by unpaid open source volunteers. web3 has the power to change this. There is so much that can be done in this space that nobody has tried before. Tea is an approachable, intuitive collection of tools that will work with both Web 2.0's Internet of today along with web3."

Ken Li, Investment Director at Binance Labs, said, "We are excited to support Max, Tim and team, as part of our overall investment push into the infrastructure levers that shift Web 2.0 to web3. We believe the Tea team has the potential to introduce new paradigms that allow open source compensation without direct payment. The platform can solve a core problem for the open-source software development community by utilizing the key value proposition of decentralized token economies."

The round was backed by Binance Labs, the venture capital and innovation incubator of Binance.

Some other funding participants include the MAKE Group, Coral DeFi, DARMA Capital, Lattice Capital, SVK Crypto, and XBTO Humla Ventures.

The funds will now going to be used to hire some additional resources to continue to work on the software, protocol, and the development of the community.