As infrastructure projects continue to hold up well during the bad market, Manta Network developer p0x labs has raised $25 million in a Series A round headed by Polychain Capital and Qiming Venture Partners.The Manta Network is a modular ecosystem for zero-knowledge (ZK) applications, which use a cryptographic technique to mathematically confirm the validity of a transaction without jeopardizing its privacy.In order to provide programmable privacy, the business previously established the layer 1 blockchain Manta Atlantic that focuses on ZK.The recently launched Manta Pacific, which is now in testnet, seeks to act as a layer 2 ecosystem to make it simpler for developers to install ZK applications that are native to the Ethereum Virtual Machine.
According to a release, the additional funding, valued at $500 million, would support Manta Pacific’s expansion in important Asian regions by enabling it to scale its network, user base, and use cases.Alliance, CoinFund, and SevenX Ventures participated in the round as additional investors.
“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,” he added.
The increase occurs at a time when Web3 infrastructure has been the darling of investors since the start of this year as a result of last year’s FTX disaster.The majority of Binance’s institutional investors recently indicated in a study that they believe infrastructure to be the most significant investment, closely followed by layer 1 and layer 2 projects.