Umia, a platform that helps crypto projects issue and govern tokens, has completed a $6.11 million financing through the auction of its own UMIA tokens. Francesco Mosterts, co-founder and CEO of Umia, told The Block that the seven-day auction resulted in a fully diluted valuation of $18 million, with 17.3 million tokens sold, accounting for 34.6% of the total supply. All tokens sold in the auction were unlocked at issuance, with no lock-up period. According to CoinGecko, the current trading price of UMIA is approximately $0.68, corresponding to a fully diluted valuation of about $34 million. Approximately 45% of the funding came from institutional investors, with ten funds participating, including Galaxy Ventures, Digital Currency Group, Draper Associates, RenGen, Alpha EV, Maven 11, and Eon Capital, along with nearly 700 individual bidders. Umia stated that these funds participated on the same terms as other bidders, receiving no discounts, and no investors obtained board seats, observer roles, or advisory positions. The auction took place from August 26 to September 2 on Base, utilizing Umia's version of Uniswap's continuous liquidation auction, with a minimum target of $2 million and a maximum token price of $0.36. Umia places the intellectual property, operating team, and treasury of each project under the same legal structure associated with the token, rather than being dispersed among companies, foundations, and DAOs.