Participated · Seed · Dec 2025

Pheasant Network, developed by PG Labs, integrates artificial intelligence with intent-based execution to simplify and optimize decentralized finance (DeFAI) activity across multiple blockchains. Its Optimistic Interoperability mechanism has already processed more than $200 million in cross-chain transaction volume while delivering some of the market’s fastest speeds and lowest fees. The platform currently connects Ethereum with over 30 Layer-2 ecosystems, letting users state desired outcomes while the system determines the most efficient route. With fresh capital, the team plans to expand the utility of its PNT token, roll out AI-assisted routing and automated yield flows, and add support for multi-stablecoin and real-world-asset use cases. The roadmap also features a utility-focused Pheasant NFT series, one-click cross-chain actions, and adoption of emerging intent standards such as ERC-7683. A newly launched Pheasant Points loyalty program will visualize user contributions and engagement. Backed by foundations such as Ethereum, Optimism, and Polygon, the project aims to deliver a unified, AI-driven user experience for DeFi participants.

Participated · Seed · Dec 2025

PG Labs (株式会社PGL) positions itself as a "Public Goods" Web3 studio dedicated to "putting every asset on-chain." The company offers end-to-end planning, development, global marketing, and treasury support for Web3 projects built on Ethereum and its Layer-2 ecosystem. A core in-house product is Pheasant Network, an interoperability protocol that connects Ethereum with more than 30 Layer-2 networks and has already processed over ¥30 billion in cross-chain transactions using its proprietary “Optimistic Interoperability” design. PG Labs has received multiple grants from the Ethereum Foundation, Optimism Foundation, Polygon Labs, and other Layer-2 projects, validating its technical contributions to public-goods infrastructure. With fresh seed funding, the company will double down on Pheasant Network development, expand research on Ethereum and Layer-2 technologies, and scale its enterprise support services in Japan. Approximately half of its newly raised capital is held in ETH and USDC, and part of the idle treasury will be actively managed to reinforce its financial base.

Led · Grant · Oct 2024

Build on Bitcoin (BOB) is creating a technology stack that makes Bitcoin-based DeFi possible, positioning itself as the “Gateway to Bitcoin DeFi.” Its core product is the first hybrid zero-knowledge (ZK) rollup designed for Bitcoin, which the team has already brought to testnet. BOB has also launched a BitVM bridge in collaboration with institutional partners and introduced the first Bitcoin intents system that offers one-click BTC access across major chains. The project plans an imminent token generation event (TGE) and a full transition to community governance, reflecting its goal of decentralized ownership. To date, BOB has secured more than $25 million in funding, comprising $21 million from seed and strategic rounds plus a recently completed community sale. This capital is being used to refine its rollup technology, expand cross-chain connectivity, and onboard users and developers into Bitcoin-based DeFi.