Pharos Closes $8 Million Seed Round Led By Lightspeed Faction And Hack VC

(MENAFN- PR Newswire)

The funding round is announced alongside a partnership with ZAN to jointly explore hardware acceleration, infrastructure technologies, and more

ROAD TOWN,
British Virgin Islands, Nov. 8, 2024 /PRNewswire/ -- Pharos , a full-stack, parallel layer-1 blockchain network, today announced the completion of an $8 million seed round investment co-led by Lightspeed Faction ("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 plans to utilize the funding to accelerate the development of the Pharos protocol and drive the growth of the ecosystem and community. The company will maintain its vision of driving mass adoption through efficient blockchain technology implementation into the verticals of decentralized finance, real world assets, and more.

In tandem with the 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.

"We are incredibly grateful for the trust and support from our investors," said Alex Zhang, CEO of Pharos . "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."

With hyper-parallelism across consensus, execution, storage, and heterogeneous hardware, Pharos delivers unparalleled scalability and performance, enabling a decentralized real-time payment network for global access. 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.

Investor Quotes:

Clara Boh, Deal Partner at Faction : "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."

Alex Pack, Managing Partner at Hack VC : 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.

About Pharos:

Pharos is a full-stack parallel blockchain, pushing the boundaries of decentralized innovation. With hyper-parallelism across consensus, execution, storage, and heterogeneous hardware, Pharos delivers unparalleled scalability and performance, enabling a decentralized real-time payment network for global access.

Pharos is committed to bridging existing FinTech services with trustless Web3 innovations, to onboard billions of new users and real-world assets into the Web3 ecosystem.

About Lightspeed Faction:

Lightspeed Faction ("Faction") is the leading blockchain-native venture capital firm that merges Silicon Valley VC experience with deep blockchain expertise. Faction typically invests in early-stage startups across the blockchain ecosystem that are in their Seed or Series A funding rounds. Faction is firmly committed to the growth of the crypto space, investing in projects with the potential to meaningfully contribute to and advance the industry and society at large.

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About Faction's Relationship with Lightspeed

Faction Ventures, LLC ("Faction") and Lightspeed Management Company, L.L.C. ("Lightspeed") are separate businesses that operate independently of each other. Faction is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended. Faction advises its own fund(s) and does not advise any Lightspeed clients, and Lightspeed does not advise Faction or any of its clients.

About Hack VC:

Hack VC is a Web3 venture capital firm that partners on- and off-chain with hackers building the future of the Internet at the earliest stages. The firm invests in infrastructure, such as AI, blockchain protocols, and financial technology, with investments across 100+ companies and protocols. Hack VC runs hack(), an in-house tech platform for institutional grade network participation, through which its team of blockchain engineers and quant researchers provide liquidity, stake, make open-source contributions, and more. In addition, Hack VC created and hosts hack(), a global developer community and one of the world's largest blockchain programmer events, with 130K+ attendees from 150+ countries across events to date.

About SNZ Capital:

SNZ is a crypto-native, research-driven investment company based in HK, Singapore and US, with 200+ portfolios. Active since 2014, beyond investment, the SNZ team has been dedicated to community building and incubation, notably as one of the earliest backers of Ethereum in Asia, and the strategic partner for western projects to expand in Asia. SNZ is an engaging and proactive investor that grows with portfolios. In addition, SNZ has deep industry know-how and great network with Web 2.0 and trafi ecosystems, committed to connecting different stakeholders to empower the development of Web 3.0.

About ZAN:

ZAN is the technology brand of Ant Digital Technologies for Web3 products and services. Powered by AntChain Open Labs' TrustBase open-source technical stack, ZAN provides rich and reliable services for business innovations and a development platform for Web3 endeavors. The ZAN product family includes ZAN eKYC, ZAN KYT, ZAN Smart Contract Review, ZAN Node Service, with more products being on the way.

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SOURCE Pharos

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