Ellipsis Labs Raises $21M Led by Haun Ventures
Date: 2024-11-01 Author: Henry Casey Categories: BUSINESS
The investment will allow Ellipsis Labs to accelerate the development of Atlas, a new blockchain platform for verifiable financial transactions. Atlas follows the successful launch of Phoenix, an on-chain order book built by Ellipsis Labs on the Solana platform.
Phoenix is an important infrastructure in the decentralized finance space that is fueling the growth of the Solana ecosystem. The funding will allow Ellipsis Labs to take Atlas to the next level to become the foundation for mass-market financial applications.
Atlas was introduced in September 2024 and is designed for financial applications that require reliable transaction delivery, affordable transactions, high speed, and regular data updates via oracles. Technical details of the Ellipsis Labs blockchain are described as a customized version of the Solana virtual machine, allowing users to deploy Solana programs and benefit from Atlas's benefits, including high performance and low fees.
According to the company, Atlas will operate as a layer 2 (L2) blockchain, using the Ethereum mainnet as its settlement layer.
The $21 million investment round attracted the attention of a number of existing investors, including venture capital firms Electric Capital and Paradigm. In April 2024, Ellipsis Labs closed a $20 million Series A round led by Paradigm, with other key industry players including Solana Labs' Anatoly Yakovenko and EigenLayer's Shriram Kanaan also participating.
Electric Capital also led a $3.3 million seed round for Ellipsis Labs in August 2023.
