Home News Neon Labs raises $40M to bring EVM functionality to Solana

Neon Labs raises $40M to bring EVM functionality to Solana

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Neon Labs, a crypto startup behind the development of the Ethereum Virtual Machine (EVM) on Solana, raised $40 million during a private token sale.

Thus, the Chicago-based venture capital company, Jump Capital, led the round. Three Arrows Capital, Solana Capital, Rockaway Blockchain Fund, Ethereal Ventures, IDEO CoLab Ventures and others also participated in it.

The funds raised will be used to expand the team from the current 15 to over 30 in the next few months, in particular hiring developers and marketing specialists.

Launching on the main network

Neon EVM allows users to run decentralized applications and smart contracts written for Ethereum on the Solana network. The CEO of Neon Labs, Marina Guryeva, clarified in a comment to The Block that EVM works in Solana testnet. Moreover, that soon will be launched on the main network.

Earlier in October, the Solana Foundation opened the possibility for validators to run nodes on server hardware. “The server program allows current and future operators of the Solana node to access high-quality servers without an operating system and other software with flexible monthly contracts from data center providers,” the statement says.

Solana Foundation partners were Equinix, Lumen and Stackpath data center operators. The fund expects to expand its number in the coming months.

Investing in blockchain games startups

Recall that in previously in November, Solana Ventures, Lightspeed Venture Partners and FTX announced the creation of a $100 million fund to invest in startups developing blockchain games. Presumably, within the framework of the initiative, teams that integrate existing and created games into the Solana network will receive financial support.

The collaboration has already led to the first investment. FTX and Lightspeed led a $21 million funding round for the Faraway game studio.

“Games have a huge opportunity to bring a billion users to the Web 3.0. High-performance blockchains like Solana are able to provide gamers with the opportunities they expect from Web 2.0. But with the advantages of decentralized systems,” said Lightspeed partner Amy Wu.

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