Ellipsis Labs raises $21m round led by Haun Ventures

Ellipsis Labs, the core developer of the Solana decentralized trade platform Phoenix, has secured $21 million in funding led by enterprise capital agency Haun Ventures.

According to Ellipsis Labs’ the funding spherical will permit the platform to speed up the event of Atlas, a verifiable finance blockchain.

The aim-built blockchain is Ellipsis Labs’ new undertaking following the profitable launch of its on-chain orderbook, Phoenix, on Solana (SOL).

Phoenix is a key decentralized finance infrastructure contributing to Solana’s progress. With this funding, Ellipsis Labs goals to carry Atlas to the following stage by establishing it as the inspiration for on-chain monetary functions focusing on mainstream adoption.

Atlas, launched in September 2024, is designed for monetary functions requiring dependable transaction supply, cost-effective transactions, pace, and reliable oracle updates.

In its description of the blockchain’s technical particulars, Ellipsis Labs stated that is designed as a customized implementation of the Solana Digital Machine. This implies customers can deploy Solana packages out-of-the-box to leverage Atlas’s benefits comparable to excessive efficiency and low charges.

Ellipsis stated on the time that Atlas could be a layer-2 blockchain, with Ethereum (ETH) mainnet  because the settlement layer.

The undertaking’s $21 million increase attracted the participation of current buyers, together with enterprise capital companies Electrical Capital, and Paradigm.

In April 2024, Ellipsis Labs closed a $20 million series A round, which Paradigm led. The spherical attracted the participation of Solana Labs’ Anatoly Yakovenko and EigenLayer’s Sreeram Kanaan amongst others.

Electrical Capital led Ellipsis Labs’ $3.3 million seed spherical in August 2023.