Overview

Ellipsis Labs creates products for the decentralized finance (DeFi) sector, focusing on advanced financial solutions using blockchain technology. Their main product, the Phoenix protocol, operates as a leading orderbook spot exchange on the Solana blockchain, allowing users to trade assets efficiently. Unlike many competitors, Ellipsis Labs emphasizes sustainability and has a strong in-person team culture, which drives their mission-oriented approach. The company's goal is to provide a reliable platform for trading and financial services while generating revenue through transaction fees.

Simplify's Take

What believers are saying

• Ellipsis Labs raised $21M to enhance its DeFi tech stack and Phoenix.
• Integration of AI can improve trading strategies and risk management on Phoenix.
• Cross-chain interoperability can expand Phoenix's user base beyond Solana.

What critics are saying

• Increased competition from Solana-based DEXs could erode Phoenix's market share.
• Solana's network volatility poses reliability risks for the Phoenix protocol.
• Regulatory scrutiny on DeFi platforms could lead to compliance challenges.

What makes Ellipsis Labs unique

• Phoenix is a fully on-chain, non-custodial order book on Solana.
• Ellipsis Labs focuses on sustainable, long-term solutions in decentralized finance.
• The company has a strong, mission-driven team culture in New York.

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Funding

Total Funding

$44.3M

Above

Industry Average

Funded Over

2 Rounds

$21,000,000

Series A

Nov 2024

Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.

Series A Funding Comparison

Above Average

Industry standards

Ind Avg. $15M

$3.7M

$5M

$8.2M

$15M

$21M

$30M

View all funding stages