Eclipse Labs raises $50 million in Series A funding ahead of Q2 mainnet

Eclipse Labs raises $50 million in Series A funding ahead of expected Q2 mainnet

Quick Take

Eclipse Labs has raised $50 million in Series A funding co-led by Placeholder and Hack VC.
The firm is developing an Ethereum Layer-2 solution using the Solana Virtual Machine (SVM), aiming for scalability and composability.

Layer 2 developer Eclipse Labs has raised a $50 million Series A funding round co-led by Placeholder and Hack VC, bringing the total capital raised to $65 million.

The funding round saw participation from other investors including Polychain Capital, Delphi Digital, Maven 11, DBA, and Fenbushi Capital. Additional strategic contributions came from Flow Traders, GSR, Apollo Global Management, and OKX Ventures. The firm did not disclose its latest valuation.

This freshly raised capital will be used by the project to develop an Ethereum Layer-2 solution using the Solana Virtual Machine (SVM). By integrating the high performance of the SVM with Ethereum’s liquidity, Eclipse aims to offer a differentiated Layer 2 solution.

“Eclipse integrates the high-performance SVM with the deep pools of liquidity on Ethereum, while maintaining the hard constraint of verifiability,” said Neel Somani, founder of Eclipse Labs, in a statement.

Eclipse Labs said that the focus with its network will be to create a highly composable Ethereum Layer 2 chain. “Ethereum needs a single, scalable, composable layer-2 capable of handling 99% of use cases,” Somani added.

The team is targeting to launch its final mainnet release in the second quarter of this year. It has already rolled out a devnet and testnet versions of its protocol, with plans to deploy prominent dapps with the mainnet launch, including collaborations with Rarible, Pyth Network, and Solend.

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Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]