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Sonic, Solana Layer 2 Network, Raises $12 million in a Series A funding round led by Bitkraft Ventures


Solana Layer 2 Network

June 18, 2024


Sonic, a gaming-focused Layer 2 network on Solana, has successfully raised $12 million in a Series A funding round. The round was spearheaded by Bitkraft Ventures, with participation from Galaxy Interactive, Big Brain Holdings, and others, as announced by Sonic on Tuesday.

Project

Latest Raise

Latest Raise Date

Stage

Total Raise

Lead Investor

Category

Sonic

$12M

June 18, 2024

Series A

$12M

Bitkraft Ventures

Gaming, Layer 2

The fundraising for the round commenced in April and concluded earlier this month, according to Sonic's founder and CEO, Chris Zhu. The funding was structured as equity with token warrants, elevating Sonic's fully diluted valuation to $100 million.


As a result of the deal, Bitkraft has secured a position on Sonic's board. With the completion of the Series A round, Sonic's total funding now stands at $16 million, following a seed round in 2022 that raised $4 million.


About Sonic

Sonic, a network focused on gaming and built on Solana's Layer 2, is currently being developed by Mirror World Labs, which is a legal entity of Sonic. The proprietary technology known as the HyperGrid Framework has been created by MWL. This technology facilitates horizontal scaling through rollups on Solana, and it is being utilized in the construction of Sonic.


Sonic provides an extraordinarily swift on-chain gaming experience, which is facilitated by the Solana Virtual Machine (SVM) and comes at a minimal cost. Furthermore, developers have the ability to deploy decentralized applications (dApps) from Ethereum Virtual Machine (EVM) chains to Solana smoothly, thanks to the interpreter of the HyperGrid. 


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Solana Layer 2 Network

About Investor

Investor: Bitkraft Ventures

Bitkraft Ventures is a global investment platform specializing in Synthetic Realityâ„¢, where the physical and digital worlds converge. The firm is driven by video games, gaming technology, Web3, and AI1. With $830 million in assets under management, Bitkraft Ventures has established itself as a leading investor in early- to mid-stage web3 games and other immersive technologies.


Location: Denver, CO




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