Particle Network Completes $15 Million Series A Funding

Particle Network Raises $15M in First Token Sale

Particle Network, a modular blockchain solutions developer, has raised $15 million in its first token sale.

The round was co-led by Spartan Group and Gumi Cryptos Capital, with participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and others.

Particle founder and CEO Pengyu Wang said the project began raising funds for its Series A round in March and closed last month. Wang mentioned that the round was arranged under a direct agreement for future tokens (SAFT), but he chose not to discuss the amount of funds raised.

The Series A round brings Particle’s total investment to $25 million. This includes $10 million from three previous rounds.

Particle Founder and CEO Wang Pengyu

Wang Pengyu is the founder and CEO of Particle Network and the founder of Minijoy, a casual gaming platform in India and Europe and the United States. He has worked at China Renaissance Capital and SAIF Investments and graduated from Tsinghua University.

About Particle Network

Founded in 2022, Particle Network is a modular L1 blockchain that powers chain abstraction by creating universal accounts, providing users with a single address and interaction point across chains while extracting gas and unifying liquidity. This enables existing L1 and L2 to seamlessly coordinate across ecosystems.

• Universal Accounts: These features allow users to trade on any network without bridging or managing multiple accounts.

• Universal Liquidity and Universal Gas: These features enable users to use their tokens to pay for any transaction fees in the network.

Particle Network Financing History

• On May 15, 2022, Particle Network completed a Pre-seed round of financing of US$1.5 million, led by LongHash Ventures, with participation from Cyber, 7 O'Clock Capital, Insignia Ventures Partners, BitCoke, FSC Ventures, Monad, etc.

• On March 1, 2023, Particle Network completed a seed round of financing of US$7 million, led by ABCDE Capital, with participation from GSR, HashKey Capital, Mask Network, Animoca Brands, Inception Capital, ArkStream Capital, LongHash Ventures, Arcane Group, etc.

• On April 14, 2023, Particle Network completed strategic financing of an undisclosed amount, with Cobo Ventures as the investor.

Particle Network's current progress

Particle Network is in the initial testing phase, with approximately 1.3 million general accounts and more than 114 million transactions.

It is built using the Cosmos SDK and is compatible with Ethereum Virtual Machine technology. Major competitors include NEAR, which uses chain signature technology, and Polygon's AggLayer, which uses chain unification technology.

Particle introduced wallet abstraction technology to facilitate user onboarding through social login instead of traditional crypto wallets. This technology is used by more than 900 decentralized applications and protects assets worth more than $2 billion.

Future plans for Particle Network

The second phase of the Particle Network testnet will begin this week, and the mainnet and PARTI token will be released in the third quarter of this year.

With the new investment, Particle plans to expand its team from more than 30 people to more than 70 people, focusing on engineering and operations.

In addition, Particle also plans to recruit more developers, public blockchains, and decentralized applications to utilize its chain abstraction technology and provide support through targeted marketing efforts.