On-chain investment project Storm Labs received US$3 million in funding, led by Electric Capital

Storm Labs has raised $3 million to build on-chain portfolio manager Cove. The round was led by Electric Capital, with participation from Accomplice, Robot Ventures, Daedalus and well-known angel investors in the industry. Cove allows users to build and manage customized DeFi portfolios without manual operations, solving problems such as losses and rebalancing. Launched in the first phase, Cove Boosties is a Yearn-centric platform that increases annual interest rates and provides early access to Cove’s governance tokens. Cove is optimized by Gauntlet and audited by Trail of Bits, Quantstamp, and yAudit.