Ellipsis Labs, the core developer of the Solana decentralized exchange platform Phoenix, has secured $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.

The purpose-built blockchain is Ellipsis Labs’ new project following the successful launch of its on-chain orderbook, Phoenix, on Solana (SOL).

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

Atlas, introduced in September 2024, is designed for financial applications requiring reliable transaction delivery, cost-effective transactions, speed, and dependable oracle updates.

In its description of the blockchain’s technical details, Ellipsis Labs said this is designed as a custom implementation of the Solana Virtual Machine. This means users can deploy Solana programs out-of-the-box to leverage Atlas’s advantages such as high performance and low fees.

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

The project’s $21 million raise attracted the participation of existing investors, including venture capital firms Electric Capital, and Paradigm.

In April 2024, Ellipsis Labs closed a $20 million series A round, which Paradigm led. The round attracted the participation of Solana Labs’ Anatoly Yakovenko and EigenLayer’s Sreeram Kanaan among others.

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