March 9, 2023, 9:46AM EST
• 42 min read

Mysten Labs Company Intelligence

Quick Take

  • Launched in 2021, Mysten Labs was founded by former executives/lead architects of Meta’s Novi Research (team responsible for Diem blockchain and Move programming language)
  • Mysten Labs is building the Sui network, a layer 1 network built using the Sui Move programming language – Sui Move has been altered from the original Move programming language to better suit the object-based architecture of Sui
  • Sui enhances the scalability of the network by enabling parallel agreements (causal ordering) and having a throughput that scales linearly with the number of cores
  • Mysten Labs completed two testnet waves for Sui (November 2022 and February 2023) – the team is working towards a H1 2023 Mainnet launch, focusing on internal engineering milestones and making sure the Mainnet launch partners are ready at the time of the launch
  • Mysten Labs closed a $36 million funding round led by Andreessen Horowitz in December 2021 and announced its initial close of the $300 million Series B funding round in September 2022 – as of this funding round, Mysten Labs is valued over $2 billion

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