Funding Roundup: Glow Secures $30M, Ellipsis Labs Raises $21M
In the week preceding the US presidential election, multiple funding announcements emerged in the cryptocurrency sector.
This week featured a $30 million raise by DePIN Glow, divided into two parts: a co-led investment round of over $6.5 million by Framework Ventures and Union Square Ventures, alongside a $23.5 million solar investment.
The funds will enhance Glow's blockchain protocol for scalable future investments and support the launch of a new 4 MW solar farm in Rajasthan, India, increasing Glow's total capacity to over 5.3 MW within a month. Glow operates on Ethereum, awarding GLW tokens to solar farms for electricity production.
Framework’s Michael Anderson noted that Glow's incentive designs and market demand for clean energy could lead to significant adoption.
Additionally, Ellipsis Labs secured $21 million in a funding round led by Haun Ventures to develop Atlas, a blockchain aimed at verifiable finance. This follows their previous Series A raise of $20 million in April, led by Paradigm.
Other Notable Funding Rounds:
- Nillion raised $23 million, totaling $50 million, led by Hack VC with participation from GSR and HashKey.
- Citrea announced a $14 million Series A led by Founders Fund, with participation from Mirana and Maven11.
- Spire reported a $7 million raise led by Anagram and Maven11, with involvement from A16z Crypto CSX and Bankless.
- Nitro Labs disclosed a $4 million seed round led by Lemiscap, with additional backing from Borderless and Race Capital.