Smooth Labs, a blockchain infrastructure startup, raised $2 million in a seed funding round.

NGC Ventures, one of the most active crypto investment firms, led the round, Smooth said. Other investors included Cogitent Ventures, ArkStream Capital and Ian Balina's Token Metrics.

Smooth began raising for the round in November when FTX collapsed and closed it in January, co-founder Wiger Wei told The Block. He declined to comment on the structure of the round, i.e., whether it was an equity, token, or equity-plus-token-warrants round, and on valuation.

Smooth Labs was founded in July in Singapore by Wei, a former early researcher at Celestia, and Lucie Chen, a former founding partner at crypto investment firm LCC Ventures. Smooth is building blockchain infrastructure focused on the parallel execution of transactions. Parallel execution allows transactions to be processed simultaneously, significantly increasing transaction speeds and reduce wait times.