Sonic Raises $12 Million in Series A Funding for Solana-Based Gaming Network

By Jody McDonald June 20, 2024 In Blockchain, Gaming, Solana, Web3
  • Solana gaming focussed layer-2, Sonic, has raised US$12 million in a Series A funding round led by web3 venture capital firm Bitkraft Ventures.
  • This new funding brings Sonic total funding to US$16 million and its fully liquidated valuation to US$100 million, as part of its funding deal Bitkraft Ventures will join Sonic’s board.

The gaming focussed Solana layer-2 network, Sonic, has wrapped up a successful Series A funding round, raising a total of US$12 million. The funding round was led by Bitkraft Ventures with smaller contributions from Galaxy Interactive and Big Brain Holdings. 

This new funding brings the project’s total funding to US$16 million, having previously raised US$4 million in 2022.

This current funding round opened in April and closed earlier this month and brings Sonic’s fully-diluted valuation to US$100 million, according to the project’s founder and CEO Chris Zhu. As a condition of its funding, Bitkraft Ventures will join Sonic’s board.

Related: Chances For Solana, Cardano ETFs Increasing, Says Tether Co-Founder 

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Sonic Aim: Become The Go-To Layer 2 For Solana Gaming

Sonic originally began as a Solana-based mobile game, but the developers soon realised the network lacked much of the infrastructure they required to fully realise their vision. This prompted the team to change focus and start working on a gaming focussed layer-2 network.

The team responsible for Sonic, Mirror World Labs, began working on a proprietary technology called HyperGrid Framework, which they say allows for horizontal scaling via rollup — this tech forms the basis of the Sonic network.

Speaking to The Block, Zhu claimed that this technology allows Sonic to offer “an exceptionally fast on-chain game experience, powered by Solana Virtual Machine (SVM), at minimal cost,” while also allowing developers to easily deploy Ethereum-based dApps on the network.

Justin Swart, principal at Bitkraft Ventures, said in a statement posted to X that “we expect the @SonicSVM to become the go-to destination for any gaming studio that wants to build games within the Solana ecosystem.”

Related: Ronin Set to Host ‘Ragnarok Monster World,’ Pioneering a New Era in Blockchain Gaming 

Sonic is currently under development and is still in devnet, the project is expected to launch its mainnet and token in Q3 of this year.

Jody McDonald
Author

Jody McDonald

Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.

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