P0x, the developer behind the Manta Network, raised USD 25 million in a Series A funding round at a valuation of USD 500 million. The round was co-led by Polychain Capital and Qiming Venture Partners, with participation from Binance Labs, Alliance, CoinFund, and SevenX Ventures.

Along with the raise, the company launched Manta Pacific, an EVM-native layer-2 (L2) scaling platform for zero-knowledge (zk) applications. It supports different use cases including DeFi, infrastructure, bridging, social, and gaming. The L2 also utilizes Celestia’s data availability layer for security and low gas fees, as well as the modified OP Stack through Caldera for scalability.

The company plans to use the fresh funds to help scale the network, user base, and use cases for Manta Pacific and fuel its expansion in key Asia markets.

Launched in 2020, the Manta Network is a modular ecosystem for zk applications. It includes Manta Atlantic, a zk layer-1 blockchain that integrates programmable privacy to Web3, and Manta Pacific. Currently, the network has minted more than 300,000 zk-soulbound tokens, while its wallet has achieved more than 200,000 installs.