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P0x Labs, the team behind the Manta Network, today announced that it has raised $25 million in Series A funding. The round was led by Polychain Capital and Qiming Venture Partners, with participation from Alliance, CoinFund, and SevenX Ventures.
Manta Network is a zero-knowledge (ZK) privacy protocol that enables users to send and receive cryptocurrency transactions with complete privacy. The network uses ZK proofs to encrypt transaction data, making it impossible for anyone to see the sender, recipient, or amount of the transaction.
The $25 million in funding will be used to expand the Manta Network ecosystem and to develop new ZK-based applications. P0x Labs plans to use the funds to hire more engineers and to expand its marketing and sales efforts.
“We are excited to partner with Polychain Capital and Qiming Venture Partners,” said Kenny Li, Core Contributor of Manta Network. “This funding will allow us to accelerate the development of the Manta Network and to bring ZK privacy to a wider audience.”
“We believe that P0x Labs is building the future of privacy on the blockchain,” said Luke Pearson, Investor at Polychain Capital. “Manta Network is a powerful tool that can be used to protect users’ privacy and to enable new and innovative applications.”
The funding round for P0x Labs comes at a time of growing interest in ZK technology. ZK proofs are a powerful tool that can be used to encrypt data without sacrificing security or transparency. This makes ZK technology well-suited for a variety of applications, including privacy-preserving payments, secure messaging, and decentralized finance.
With the $25 million in funding, P0x Labs is well-positioned to become a leading player in the ZK ecosystem. The company has a strong team of engineers and a proven track record of innovation. With the support of its new investors, P0x Labs is poised to make significant progress in bringing ZK privacy to the mainstream.
About P0x Labs
P0x Labs is a team of engineers and entrepreneurs building the Manta Network, a zero-knowledge privacy protocol for the blockchain. The Manta Network enables users to send and receive cryptocurrency transactions with complete privacy. The network uses ZK proofs to encrypt transaction data, making it impossible for anyone to see the sender, recipient, or amount of the transaction.
P0x Labs is headquartered in Boston, Massachusetts. The company was founded in 2021 by Kenny Li, Kevin Zhou, and Jack Grigg.
About Polychain Capital
Polychain Capital is a leading venture capital firm focused on investing in early-stage blockchain companies. The firm has invested in over 100 blockchain companies, including Aave, Compound, and OpenSea. Polychain Capital is headquartered in San Francisco, California.
About Qiming Venture Partners
Qiming Venture Partners is a leading venture capital firm that invests in technology companies in China and around the world. The firm has invested in over 1,000 companies, including Alibaba, Tencent, and Meituan. Qiming Venture Partners is headquartered in Beijing, China.