Ellipsis Labs raises $21m round led by Haun Ventures

Ellipsis Labs, the primary development team responsible for the innovative Solana-based decentralized exchange platform known as Phoenix, has successfully secured a substantial $21 million in funding, with the prominent venture capital firm Haun Ventures taking the lead in this significant investment round. This influx of capital is set to empower Ellipsis Labs to accelerate the development of Atlas, an ambitious blockchain project centered around the principles of verifiable finance.

Atlas represents Ellipsis Labs’ latest endeavor following the highly successful launch of Phoenix, their on-chain order book, which operates on the Solana network. Phoenix is recognized as a key component of the decentralized finance (DeFi) infrastructure, playing an instrumental role in driving the growth and adoption of the Solana ecosystem. With this new funding, Ellipsis Labs has set its sights on elevating Atlas to the next level, with the goal of establishing it as a solid foundation for a wide range of on-chain financial applications that aim to achieve mainstream adoption among users.

Introduced to the public in September 2024, Atlas is meticulously designed to cater to the needs of financial applications that require not only reliable transaction delivery but also cost-effective transactions, high-speed processing, and dependable updates from oracles. In their detailed description of the blockchain’s technical specifications, Ellipsis Labs noted that Atlas is being developed as a custom implementation of the Solana Virtual Machine. This unique design allows users to deploy Solana programs effortlessly, enabling them to leverage the advantages offered by Atlas, such as its remarkable performance and low transaction fees.

During its announcement, Ellipsis Labs clarified that Atlas would function as a layer-2 blockchain, with the Ethereum mainnet serving as the underlying settlement layer for transactions. The $21 million funding round attracted participation from several existing investors, including the well-respected venture capital firms Electric Capital and Paradigm, both of which are known for their investments in the blockchain and cryptocurrency space.

Earlier in April 2024, Ellipsis Labs successfully closed a $20 million Series A funding round, which was also led by Paradigm and included contributions from notable figures in the industry, such as Anatoly Yakovenko from Solana Labs and Sreeram Kanaan of EigenLayer, among others. Additionally, it is worth noting that Electric Capital had previously led a $3.3 million seed round for Ellipsis Labs back in August 2023, further underscoring the growing interest and confidence in the company and its projects.

This comprehensive funding and support from reputable investors position Ellipsis Labs and its initiatives, particularly Atlas, as promising players in the rapidly evolving landscape of decentralized finance, where innovation and technological advancement are key to achieving lasting success.