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Umia, a platform that supports token launches and governance for crypto projects, raised $6.11 million through the sale of its UMIA token, The Block reported. The seven-day auction drew 10 institutional investors and about 700 retail investors. A total of 17.3 million tokens, equal to 34.6% of UMIA’s total supply, were sold in the auction, which implied a fully diluted valuation of $18 million at the time. The sold tokens were not subject to a lock-up. About 45% of the proceeds came from institutional investors, including Galaxy Ventures, Digital Currency Group (DCG), Draper Associates and Maven 11. The token is expected to launch in the fourth quarter of this year.