Particle Network, a pioneering developer in modular blockchain solutions focusing on chain abstraction technology, has successfully raised $15 million in a Series A funding round. The financing was co-led by The Spartan Group and Gumi Cryptos Capital, with significant participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and other prominent investors, Particle Network announced on Thursday.

Founded by Pengyu Wang, Particle Network initiated its Series A fundraising efforts in March and concluded the round last month. The funding was structured under a simple agreement for future tokens (SAFT), although specific details regarding valuation were not disclosed. Including this Series A round, Particle Network has now accumulated $25 million in total funding, having previously raised $10 million across three funding rounds.

About Particle Network

Particle Network distinguishes itself with its modular Layer 1 blockchain architecture, specializing in chain abstraction technology. This innovation aims to streamline both developer workflows and user experiences within the blockchain ecosystem.

At the core of Particle's offerings are "universal accounts," a feature designed to enable seamless transactions across different blockchain networks. These accounts leverage "universal liquidity" and "universal gas," allowing users to utilize funds from any chain to pay for transactions and fees across the ecosystem. This eliminates the need for manual management or bridging of accounts across multiple chains, simplifying the process for developers and enhancing accessibility for users.

Currently in its first phase of testnet, Particle Network has already registered approximately 1.3 million universal accounts and facilitated over 114 million transactions. The platform is built using the Cosmos SDK and has been made compatible with the Ethereum Virtual Machine through Berachain's BeaconKit framework.

Future Plans and Developments

Particle Network plans to launch its testnet phase 2 imminently, followed by the mainnet launch slated for the third quarter of this year. Concurrently, the launch of Particle's native token, PARTI, is also scheduled alongside the mainnet release.

With the fresh capital infusion, Particle intends to expand its team from its current size of over 30 employees to more than 40, focusing on engineering and operational roles. The project aims to onboard additional developers, public blockchains, and decentralized applications (dApps) to leverage its chain abstraction technology.

Particle also aims to bolster its community through strategic marketing initiatives, aiming to enhance awareness and adoption of its innovative blockchain solutions.

In conclusion, Particle Network's successful Series A funding marks a significant milestone as it prepares to roll out its mainnet and native token launch. With robust technological foundations and strategic growth plans, Particle is poised to play a pivotal role in advancing blockchain interoperability and accessibility in the evolving decentralized finance landscape.