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I want to try GraalVM and use in my side project. But whats holding me back is that its from Oracle. Is that something that I should be worry of?

GraalVM has a community edition that's fully open source. There's nothing more to worry about there than with any other open source project.

If it wasn't for Oracle Java would be in maintenance mode, stuck at version 6 and Maxime VM would live on as compiler conference papers.

So no, you don't need to worry from the only company that cared about saving Java.