Manta Network developer p0x Labs has raised $25 million in a Series A round led by Polychain Capital and Qiming Venture Partners, valuing the project at $500 million. Alliance, CoinFund, and SevenX Ventures were also among the investors in the round. The capital will be used to scale the network, user base, and use cases for Manta Pacific, the company’s layer 2 ecosystem for Ethereum Virtual Machine-native zero-knowledge (ZK) applications.
We are excited to see Manta expanding into the Ethereum ecosystem, and have doubled down on our investment this Series A round, said Luke Pearson, Investor at Polychain Capital. Manta Pacific will leverage the performance capabilities of the modular ecosystem, whilst also allowing increasing access to ZK through Universal Circuits.
The raise comes as Web3 infrastructure has been an investor darling from the beginning of this year, with a survey by Binance showing that a majority of its institutional investors found infrastructure to be the most important investment.