Ingonyama Gains $20 Million from Samsung to Advance ZK Crypto Chips Development

Semiconductor company Ingonyama The company successfully raised $20 million in seed funding from prominent investors, including Samsung Next participating in the round.

Ingonyama is working on a versatile parallel computing processor, similar to a GPU, designed to boost zero-knowledge proofs and fully homomorphic encryption, advancing the frontiers of sophisticated cryptography.

The funding attracted attention from significant venture capital firms like Geometry and Blue Yard Capital, reflecting strong confidence in Ingonyama’s innovative technology. Investors, including those with a focus on zero-knowledge proof tech like StarkWare, see the transformative potential of the company’s contributions to privacy and security. Walden Catalyst Shlomovits, the co-founder and CEO of Ingonyama, who hails from the IDF’s elite Unit 8200, has ambitious plans for developing technologies that bolster privacy in areas that have previously been susceptible. His experiences, especially during his time at the crypto firm Zango, guide the company towards enabling secure and private data transactions.

Ingonyama’s Vision for Privacy

Omer Shlomovits Founded in 2022 and located in Petah Tikva, Ingonyama boasts a dedicated team of 25, including CTO Michael Asa and VP of R&D Danny Sterman. This team is actively utilizing GPUs to create open-source software that will seamlessly operate the advanced cryptography anticipated with their chip.

The inaugural chip from Ingonyama aims to transform the processing of zero-knowledge proofs and encryption by offering a hardware-based solution that boosts both efficiency and security. Shlomovits contends that the sustained interest from investors, even in the turmoil of war, reflects the resilience of the cybersecurity sector and its critical importance.

The Shift from Software to Hardware

Ingonyama’s innovations want to enable the secure sharing of sensitive data, such as hospital records, ensuring privacy in sectors where confidentiality is paramount. Shlomovits also highlighted the firm’s dedication to supporting employees during tough times, which illustrates a humane approach amidst its technological innovations.

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