Flashbots raised $60 million as part of a Series B led by the crypto-focused investment company Paradigm. A spokesperson for the company confirmed this to CoinDesk via email on Tuesday. The money raised will be used to fuel the development of its maximum-extractable-value (MEV) system, SUAVE.

According to a spokesperson, investors were selected “based on their reverse pitch in a beauty competition for decentralization.” The spokesperson did not name any other investors besides Paradigm.

Flashbots, an Ethereum-centric startup for research and development, aims to eliminate the negative effects of maximum extractable value (MEV), which is the potential profit network operators can make by previewing or reordering upcoming transactions.

The SUAVE platform (Single Uniifying Auction for Value Expression) is an independent network which can be used as a block builder and mempool. Developers can launch intra-block apps such as orderflow auctions or block builders using SUAVE. These applications can compete for user preferences and create cheaper, more private transactions.

Flashbots builds MEV Boost, a middleware that optimizes MEVs. It is used by the majority of validators who operate Ethereum.

The block first reported on the funding, citing a filing made by Flashbots with the U.S. Securities and Exchange Commission, which showed that Flashbots raised $30,353,089 out of a target amount of $59,999.919 The Block reported that more filings “should” be made public in the near future, which would “likely complete the round”. (An earlier version of the article stated that two filings would likely be made for the entire amount, citing an anonymous source.) The publication stated that the round was valued at $1 billion. A Flashbots representative declined to confirm this figure to CoinDesk.

UPDATE: (July 25, 18,17 UTC): Updates the sixth paragraph in order to reflect changes made in cited article.

Sam Kessler is the editor.