L1 Blockchain Network Pharos Secures $8 Million in Seed Round
- Pharos raised $8 million in seed funding co-led by Lightspeed Faction and Hack VC to expand its blockchain network and ecosystem.
- The funding will support Pharos’ development of high-performance blockchain solutions focused on DeFi and real-world asset integration.
Layer-1 blockchain network Pharos has raised $8 million in a funding round co-led by Lightspeed Faction and Hack VC.
The round also included investments from SNZ Capital, Reforge, Dispersion Capital, Hash Global, and several other backers. Pharos will use the funds to enhance its protocol, expand its ecosystem, and drive community growth.
The company is developing a scalable, high-performance blockchain network focused on decentralized finance (DeFi) and real-world asset integration. Pharos plans to use its parallel architecture to support real-time global payment solutions connecting traditional FinTech services with decentralized Web3 technologies.
CEO Alex Zhang said:
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"This seed round propels us closer to realizing our vision of bridging existing FinTech services with trustless Web3 innovations. We aim to onboard billions of users and real-world assets into the Web3 ecosystem."
Pharos has also entered a strategic partnership with ZAN, the Web3 brand of Ant Digital Technologies. The collaboration will focus on Web3 infrastructure, including node services, security, and hardware acceleration.
Pharos’ parallel processing approach spans consensus, execution, and storage. The company says the architecture is designed to deliver scalability and address mass adoption in the blockchain space.
Clara Boh, Deal Partner at Faction, said:
"Pharos' unique approach to parallelism and high-performance architecture positions it as a game-changer for bringing real-world assets and decentralized finance together."
With its new capital and strategic alliances, Pharos is on track to accelerate the adoption of blockchain technology.
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