Zircuit Closes Mainnet Funding Round with Support from Arcanum Capital
Arcanum Capital and 35+ investors join to help improve blockchain security to prevent smart contract exploits.
NEW YORK, Aug. 14, 2024 /PRNewswire-PRWeb/ — Arcanum Capital is excited to announce its participation in Zircuit’s recent Mainnet Funding Round, co-investing alongside Binance Labs, Mirana, and Nomad Capital, among other industry-leading investors in previous rounds including Pantera Capital, Dragonfly, and Arthur Hayes’ Maelstrom. Zircuit’s unique value proposition lies in its ability to improve Layer 2 blockchain security by integrating AI at the sequencer level.
“Modularity is a key theme in the investment thesis for our second fund in collaboration with Luganodes,” said Arcanum Capital co-founder and managing partner, James McDowall. “The Ethereum ecosystem has experienced immense growth over the years but faced scalability issues as a consequence. Optimistic roll ups have gained popularity due to their ease of implementation on the EVM, but they encounter lengthy transaction finality times and potential security risks. Zircuit aims to help address both of those limitations.”
ZK rollups have emerged to address these problems but have proven to be more difficult to implement due to their complexity. Zircuit is an EVM-compatible zero-knowledge rollup, integrating elements of both optimistic rollups and zero-knowledge (zk) proofs to optimize transaction processing and validation capabilities.
Zircuit recently launched its Public Testnet, attracting an impressive $3.5B of TVL in just three months. This is testament to the strength of the Zircuit team and its strong community of over 300,000 members across social media platforms.
“As the Web3 space accelerates toward mainstream adoption, Zircuit will empower this growth by providing the necessary infrastructure to onboard the masses,” said Martin Derka, Co-Founder of Zircuit. “Our years of research into rollups and blockchain security have allowed us to build an L2 network with unparalleled security and scalability. We’re proud to have the support of Binance Labs, Mirana Ventures, and our other investors as we approach our first phase of Mainnet and establish Zircuit as a cornerstone in the industry.”
About Arcanum Capital
Arcanum Capital is a venture capital firm focused on supporting enterprising and forward-thinking teams that are establishing decentralized networks and applications for the global blockchain ecosystem. Arcanum Capital’s team consists of experienced investment professionals who understand what it takes to evaluate, incubate and scale promising teams and ideas. We have been on the ground as operators, investors, and incubators in frontier and emerging markets, including India, since 2013, and have worked with startups, decentralized networks, and publicly listed companies. During this time, we have cultivated powerful networks and partnerships that are invaluable in helping our portfolio entities transition from idea to market and scale on the global stage.
About Luganodes
Luganodes is a AAA rated institutional-grade staking service provider and one of the top leaders in staking volume. Globally, Luganodes’s client base stakes digital assets across 30+ proof-of-stake networks with 99.99% uptime. It is one of the top validators on the Polygon network and the super representative on the Tron network. With Luganodes, enterprises and individuals can take part in validating blockchain transactions and earning staking rewards.
About Zircuit
Zircuit is a ZK rollup with AI-enabled sequencer-level security and parallelized circuits. Built by a team of web3 security veterans and PhDs in computer science, algorithms, and cryptography, Zircuit’s unique architecture combines the best of both worlds of performance and security.
Media Contact
Tim Sprinkle, Venture Capital Marketing, 1 720-722-1266, tim@venturecapitalmarketing.com
SOURCE Arcanum Capital
