Pharos – a full-stack, parallel layer-1 blockchain network – announced the completion of an $8 million seed round investment co-led by Lightspeed Faction and Hack VC, with additional participation from strategic anchor investor SNZ Capital, and other investors, including Reforge, Dispersion Capital, Hash Global, Generative Ventures, Legend Star, MH Ventures, Zion, and Chorus One Ventures.
The company also plans to utilize the funding to accelerate the development of the Pharos protocol and drive the growth of the ecosystem and community. It will maintain its vision of driving mass adoption through efficient blockchain technology implementation into the verticals of decentralized finance, real-world assets, etc.
Along with this funding round, Pharos has announced a strategic partnership with ZAN, the Web3 brand of Ant Digital Technologies, to jointly explore and develop web3 infrastructure, focusing on node service, security, and hardware acceleration.
With hyper-parallelism across consensus, execution, storage, and heterogeneous hardware, Pharos offers unparalleled scalability and performance, enabling a decentralized real-time payment network for global access. And Pharos envisions a real-time payment network that not only delivers unparalleled scalability and performance but also connects existing FinTech services with trustless Web3 innovations to onboard billions of new users and real-world assets into the Web3 ecosystem.
KEY QUOTES:
“We are incredibly grateful for the trust and support from our investors. This is just the beginning of an exciting journey. At Pharos, we are driven by our belief to bridge existing FinTech services with trustless Web3 innovations to onboard billions of new users and real-world assets into the Web3 ecosystem. This seed round propels us closer to realizing that vision.”
- Alex Zhang, CEO of Pharos
“Pharos’ unique approach to parallelism and high-performance architecture positions it as a game-changer for bringing real-world assets and decentralized finance together. We are thrilled to be a part of Pharos’ seed funding round as it advances its vision of a truly interconnected, scalable blockchain network.”
- Clara Boh, Deal Partner at Faction
“For blockchains to go mainstream and get true mass adoption they must become orders-of-magnitude more scalable and performant. The Pharos team has been working on this problem for years, at the highest level, and we’re excited to support them now in solving these problems with the Pharos protocol.”
- Alex Pack, Managing Partner at Hack VC
