Ellipsis Labs raises $21m round led by Haun Ventures

Ellipsis Labs, the main developer of Solana decentralized exchange platform Phoenix, has raised $21 million in funding led by venture capital firm Haun Ventures.

According to Ellipsis Labs, the funding round will allow the platform to accelerate the development of Atlas, a verifiable finance blockchain.

Purpose-built blockchain is Ellipsis Labs’ new project, following the successful launch of on-chain order ledger Phoenix on Solana (SOL).

Phoenix is ​​a key decentralized finance infrastructure contributing to Solana’s growth. With this funding, Ellipsis Labs aims to take Atlas to the next level by making it the foundation of on-chain financial applications aiming for mainstream adoption.

Launched in September 2024, Atlas is designed for financial applications that require reliable transaction delivery, cost-effective transactions, speed, and reliable oracle updates.

In its statement on the technical details of the blockchain, Ellipsis Labs said that it was designed as a custom implementation of the Solana Virtual Machine. This means users can deploy Solana programs out-of-the-box to take advantage of Atlas’ benefits, such as high performance and low fees.

Ellipsis said at the time that Atlas would be a layer-2 blockchain with the Ethereum (ETH) mainnet as the settlement layer.

The project’s $21 million raise secured participation from 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. Anatoly Yakovenko from Solana Labs and Sreeram Kanaan from EigenLayer also participated in the round, among others.

Electric Capital led Ellipsis Labs’ $3.3 million seed round in August 2023.