Modular Blockchain Startup Eclipse Secures $50M Series A Led by Placeholder and Hack VC

Quick take:

• The Series A round brings the total raised to $65 million following a $15 million pre-seed and seed funding round announced in September 2022.
• Eclipse is building a blockchain platform that leverages different layers of blockchains to perform different tasks.
• Eclipse leverages Solana Virtual Machine (SVM) for execution, Celestia for data availability, and Ethereum for settlement and consensus.

Eclipse has completed a $50 million Series A round co-led by Placeholder and Hack VC. The fundraising also attracted participation from Polychain Capital, Delphi Digital, Maven 11, DBA and Fenbushi Capital.

Eclipse is a modular blockchain platform that uses different blockchains to perform different tasks. According to the announcement, Eclipse uses Solana Virtual Machine (SVM) for execution, Celestia for data availability, and Ethereum for settlement and consensus.

The company believes modular blockchains are the true providers of scalability, Blockworks reports, with Neel Somani, the founder of Eclipse stating that there are no layer-2s on Ethereum today that are built for scale.

“There are many theoretical solutions, and plenty of infrastructure being funded which will mitigate the issues of liquidity fragmentation in the coming years, but our view is that there is tons of low-hanging fruit at the execution layer which we will happily incorporate to provide a superior user experience on Ethereum,” Somani said.

This fundraising brings Eclipse’s total fundraising to $65 million, following a $15 million pre-seed and seed round announced in September 2022.

Eclipse also boasts backing from Infinity Ventures Crypto, Soma Capital, Struck Crypto, CoinList, Tribe Capital, Tabiya, Galileo, Polygon Ventures, and Accel who participated in the pre-seed and seed rounds.

The announcement comes ahead of Eclipse’s planned mainnet launch in Q2 2024. The company has already enrolled several dApps to its devnet and testnet versions of its protocol to test the infrastructure, including multi-chain NFT platform Rarible, blockchain data oracle Pyth Network and lending protocol Solend.

Eclipse plans to accelerate ecosystem onboarding through hackathons, accelerator programs and community events.

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