#Japan #Tokyo #Ethereum #PG Labs #Pheasant Network

PG Labs Secures Significant Seed Funding

PG Labs, a Japanese Web3 studio based in Shibuya, Tokyo, has recently announced its successful fundraising of 300 million JPY in seed funding. This fundraise comes from various venture capital firms and individual investors, marking a significant step towards enhancing their overall strategy in the Web3 space. The company aims to transform all assets into on-chain solutions, further committing themselves to the development of the Pheasant Network, an interoperability protocol focusing on Ethereum and Layer 2 technologies.

Background of PG Labs

Founded with the mission to promote "Public Goods," PG Labs focuses on creating systems that benefit society as a whole. They specialize in the planning and development of Web3 projects powered by Ethereum and Layer 2 solutions. Their goals include facilitating the integration of Web3 businesses into society, offering support in global marketing strategies, and enhancing financial strategies in crypto asset management. Partnering with other stakeholders, PG Labs is committed to establishing a sustainable Web3 ecosystem in Japan.

Areas of Expertise

PG Labs operates primarily in three key areas:

1. Web3 Project Development Support: The company provides comprehensive support, from strategic planning and chain selection to actual development. Their focus is on creating tangible Web3 products that can be put to use, moving beyond mere proofs of concept.

2. Global Expansion and Marketing Support: In a rapidly changing world, PG Labs recognizes the importance of a strategic approach, an extensive network, and execution capability for successful global expansion. They leverage their partnerships and resources to enable fast and scalable marketing solutions for their clients.

3. Development of Pheasant Network: A key project in their portfolio is the Pheasant Network, which aims to improve interoperability between Ethereum and over 30 Layer 2 networks. This innovative protocol has already processed over 30 billion JPY in cross-chain transactions and employs a unique method called “Optimistic Interoperability.” This method strives to provide the fastest and most cost-effective solution in this emerging market.

Fundraising Details

The recent seed funding has been bolstered by grants from notable organizations such as the Ethereum Foundation and the Optimism Foundation. Half of the raised funds were in ETH and USDC, further enhancing PG Labs’ financial stability. Such support underscores global recognition of PG Labs' commitment to developing Public Goods and reflects the promise of their ongoing contributions to Ethereum and Layer 2 ecosystems.

Investors include a mix of venture capital firms like mint and 90s, along with eight individual investors who believe in PG Labs’ vision. The successful funding round aims to strengthen the company’s commitment to the Pheasant Network while accelerating research and development, thereby expanding support for Web3 businesses within Japan and beyond.

Future Initiatives

Armed with the newfound capital, PG Labs is set on increasing its visibility as a leading "Web3 studio" and will continue to focus on the development of Pheasant Network. The mission remains clear: to create Public Goods that support the world. As they enhance their development efforts, PG Labs seeks to build an infrastructure for Web3 that balances public utility and practicality.

Conclusion

With a firm strategy in place and significant funding secured, PG Labs is positioned to make a substantial impact on the Web3 landscape in Japan and globally. Their commitment to harnessing Ethereum and Layer 2 technologies, along with the pursuit of their Public Goods mission, promises to bring innovative solutions to the forefront of the blockchain industry. As they embark on this journey, PG Labs aims to collaborate with partners worldwide to construct a sustainable and impactful Web3 ecosystem.

• ---

Company Overview

• - Company Name: PG Labs, Inc.
• - CEO: Tomohiro Tagami
• - Location: 2-17, Nanpeidaicho, Shibuya, Tokyo, A-PLACE Shibuya Nanpeidai 2F
• - Capital: 150 million JPY (including capital reserves)
• - Website: pglab.io