Manta Network developer p0x labs has completed a Series A funding round with a valuation of $500 million, raising $25 million. The round was led by Polychain Capital and Qiming Venture Partners.

According to BlockBeats news on July 19th, Manta Network, a privacy protection protocol in the Polkadot ecosystem developed by p0x labs, has completed a Series A funding round with an estimated valuation of $500 million and raised $25 million. The round was led by Polychain Capital and Qiming Venture Partners, with participation from Alliance, CoinFund, and SevenX Ventures. The funding will be used to expand the ZK Layer 1 blockchain of Manta Pacific and Manta Atlantic to achieve compliant on-chain privacy. Previously, in October 2021, Manta Network completed a $5.5 million funding round with participation from institutions such as CoinFund, ParaFi Capital, LongHash Ventures, CMS Holdings, Spartan Group, Global Coin Ventures, SkyVision Capital, Consensys, as well as individual investors such as 0xMaki, Kevin Hu of Dragonfly Capital, and Santiago Santos of ParaFi. Later, Binance Labs also announced strategic investment in Manta Network in February 2022.