As Bitcoin hits a new high, here are some recent large-scale financing projects that have yet to issue tokens

  • Bitcoin's new high coincides with significant funding for 18 untokenized projects across AI, L2, zk, and DeFi sectors, each raising over $10M since October.

  • Top-funded projects:

    • Azra Games ($42M): Blockchain RPG developer backed by Pantera Capital and Andreessen Horowitz.
    • Glow ($30M): Building Proof of Physical Work (PoPW) for carbon credits, funded by Framework Ventures.
    • Nillion ($25M): Decentralized network using "zero computing" for data privacy (Hack VC, HashKey Capital).
    • Atlas ($21M): Verifiable finance blockchain with near-zero transaction costs (Haun Ventures, Paradigm).
    • Ithaca ($20M): Open-source L2 (ex-Paradigm) developing Odyssey.
  • Other notable projects:

    • zkPass ($12.5M): Private data protocol using 3P-TLS and ZK tech (Archetype, Breyer Capital).
    • Solv Protocol ($11M): Decentralized Bitcoin staking (Blockchain Capital, OKX Ventures).
    • Sapien ($10.5M): AI data labeling solution (Variant Fund, Primitive Ventures).
    • PumpBTC ($10M): Babylon’s Liquid Staking Solution (SevenX Ventures).
  • Diverse applications: Ranges from gaming (PiP World’s Telegram game Gold Rush) to infrastructure (Validation Cloud’s Web3 nodes) and stablecoin innovation (Mento, spun out of Celo).

Note: Funding details reflect investor confidence in niche crypto sectors amid market growth.

Summary

Author: Biteye core contributor Viee

Editor: Crush, core contributor of Biteye

Recently, many un-coined projects have successfully raised more than 10 million US dollars, involving tracks such as AI, L2, zk, and DeFi. In this article, Biteye will introduce these 18 projects one by one, including KOL attention, investors, and financing amounts.

As Bitcoin hits a new high, here are some recent large-scale financing projects that have yet to issue tokens

1. Azra Games

It raised US$42 million in financing from investors such as Pantera Capital, Andreessen Horowitz, etc.

A blockchain gaming company that aims to create mainstream collectible and combat role-playing games.

2. Glow

It raised US$30 million in financing from investors such as Framework Ventures and USV.

Glow is building Proof of Physical Work (PoPW) for carbon credits.

3. Nillion

It raised US$25 million in financing from investors such as Hack VC and HashKey Capital.

Build a decentralized public network based on "zero computing" to protect data privacy.

4. Atlas

It raised US$21 million in financing from investors such as Haun Ventures and Paradigm.

Blockchain for verifiable finance, built for financial applications with reliable transactions and near-zero transaction costs.

5. Ithaca

Raised US$20 million in financing, invested by Paradigm.

The open source L2, which spun off from Paradigm, is developing Odyssey.

6. Bluesky

It raised US$15 million in financing from investors such as Blockchain Capital and SevenX Ventures.

The AT protocol is being built to give creators the freedom to build independently of the platform.

7. Citrea

It raised US$14 million in financing from Founders fund, Maven 11 and other investors.

Every transaction is fully protected by zero-knowledge proofs and verified via BitVM.

8. zkPass

It raised US$12.5 million in financing from investors such as Archetype and Breyer Capital.

A private data protocol leveraging 3P-TLS and hybrid ZK techniques.

9. Opacity Network

It raised US$12 million in financing from investors such as Archetype and Breyer Capital.

Zero-knowledge proof protocol enables trustless information sharing and verification in minutes.

10. Solv Protocol

It raised US$11 million in financing from investors such as Blockchain Capital and OKX Ventures.

A decentralized Bitcoin staking protocol.

11. Delta

It raised US$11 million in financing from investors such as Variant Fund and Maven 11.

A network with shared state.

12. Sapien

It raised US$10.5 million in financing from investors such as Variant Fund and Primitive Ventures.

A scalable data labeling solution designed to advance AI language learning models.

13. Variational

It raised US$10.3 million in financing from investors such as Bain Capital Crypto and Peak XV Partners.

A cryptocurrency derivatives trading protocol based on Arbitrum.

14. vlayer

It raised US$10 million in financing from Andreessen Horowitz, BlockTower Capital and others.

A trustless, verifiable data infrastructure powered by zero-knowledge proofs.

15. PumpBTC

It raised US$10 million in financing from SevenX Ventures, Mirana Ventures and others.

Babylon’s Liquid Staking Solution.

16. Validation Cloud

Raised US$10 million in financing, invested by TCG.

A Web3 infrastructure platform that provides elite, high-performance nodes and staking infrastructure.

17. Mento

It raised US$10 million in financing from investors such as HashKey Capital and No Limit Holdings.

A stablecoin and digital asset innovation lab spun out of cLabs (Celo).

18. PiP World

The company raised US$10 million in financing, but the investors were not disclosed.

Web3 gaming and education project, launching a game called Gold Rush on Telegram.

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Author: Biteye

This article represents the views of PANews columnist and does not represent PANews' position or legal liability.

The article and opinions do not constitute investment advice

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