According to online reports, Solana Ecosystem DEX Fermi Labs announced that it has completed a US$1.2 million Pre-Seed round of financing, led by Equilibrium and Big Brain Holdings. Angel investors such as Ashwath Balakrishnan, head of Delphi Digital consulting, and Robert Chen, CEO of blockchain security audit company OtterSec, participated. The new funds will be used to build a scalable and capital-efficient order book DEX on Solana. In addition, the Solana Foundation also provided the company with a development grant, the specific amount has not been disclosed yet.