Pharos Network, a layer 1 blockchain focused on tokenizing real-world assets, has raised $44 million in a Series A funding round. The round was led by Sumitomo Corporation's venture capital arm, SNZ Holding, Chainlink, Flow Traders, and unnamed global financial institutions. Pharos is developing an "asset-native" network designed for large-scale regulated financial activities, utilizing parallel processing technology to support high transaction volumes and incorporating compliance and identity verification features for institutions. The company reports millions of users and independent addresses on its testnet and has partnered with energy companies for solar-backed assets. The mainnet launch is anticipated soon.