BlockBeats reports that on August 4, crypto developer tool Kurtosis closed a $20 million Series A round of funding led by hedge fund Coatue, with participation from Coinbase Ventures, Chainsmokers' Mantis VC and angel investor Olivier Pomel.

Founded by former Palantir engineering heads Galen Marchetti and Kevin Today, Kurtosis reportedly wants to simplify tools for Web3-based developers and currently serves the Ether, Avalanche and NEAR ecosystems.

Galen Marchetti said the new funding will be used to hire new engineers and product experts in the development tools space in order to release new products in the next 6 to 12 months.