Eclipse Labs, a Layer 2 developer, has successfully raised $50 million in a Series A funding round co-led by Placeholder and Hack VC, bringing its total capital to $65 million. The round saw participation from other investors such as Polychain Capital, Delphi Digital, Maven 11, DBA, and Fenbushi Capital, with additional strategic contributions from Flow Traders, GSR, Apollo Global Management, and OKX Ventures. The firm plans to use the newly raised funds to develop an Ethereum Layer-2 solution utilizing the Solana Virtual Machine (SVM), aiming to integrate SVM's high performance with Ethereum's liquidity to offer a differentiated Layer 2 solution. Eclipse Labs' founder, Neel Somani, emphasized the project's focus on creating a highly composable Ethereum Layer 2 chain capable of handling 99% of use cases. The team is targeting a final mainnet release in the second quarter of this year, having already rolled out devnet and testnet versions of its protocol, with plans to deploy prominent dApps, including collaborations with Rarible, Pyth Network, and Solend.

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.

Eclipse Labs Secures $50 Million in Series A Funding for Ethereum Layer-2 Solution Development