Zama Secures $73 Million to Drive Forward Innovative Developments in Fully Homomorphic Encryption Technology
In Brief
Zama has successfully raised $73 million to propel its research and development of FHE tools, enhance its workforce, and strengthen its business ecosystem.
Open-source cryptography company Zama The company raised $73 million in a Series A funding round, spearheaded by Multicoin Capital, with contributions from Protocol Labs, Metaplanet, Blockchange Ventures, Vsquared Ventures, and Stake Capital, along with Filecoin's founder, Juan Benet. Solana co-founder Anatoly Yakovenko and Ethereum and Polkadot co-founder Gavin Wood.
This round of equity funding has pushed Zama’s total capital raised to beyond $80 million. Completed in two phases over the last two years, this substantial round focuses on supporting Zama's drive in advancing its Fully Homomorphic Encryption research and development. FHE ) tools.
With this fresh influx of capital, Zama plans to expand its team and enhance its operational ecosystem in the near future.
Zama leverages FHE technology The goal is to allow businesses to offer services without compromising user data and exposing it to unnecessary risks. Zama’s latest offering, fhEVM, functions as a confidential smart contract protocol tailored for blockchains compatible with Ethereum. This innovative protocol ensures that on-chain data remains encrypted throughout its processing journey. fhEVM is operational with Ethereum virtual machine (EVM) compatible blockchains.
From its initial research phase, Zama has made impressive strides, achieving a remarkable 100-fold performance improvement. The company is now actively targeting an additional 1,000 times performance enhancement to cater to larger-scale applications.
Zama is Pioneering the Progress of FHE Technology
Founded in 2020, Zama is an open-source cryptography enterprise dedicated to developing FHE solutions specifically designed for blockchain and artificial intelligence. The company was co-founded by Pascal Paillier, a distinguished cryptographer and one of the notable founders of FHE technology. Zama is committed to advancing FHE, which is frequently hailed as the 'holy grail' of cryptographic techniques due to its ability to maintain complete data encryption, even while processing.
Numerous ventures, like modular blockchain creator Inco and several Layer 2 developers, have integrated Zama’s FHE technology into their projects. Beyond offering tools for the blockchain sector, Zama is also keen on creating tailored solutions for a variety of fields, inclusive of AI, healthcare, financial services, and public security. Fhenix , and the creators of the Shiba Inu With this latest financial backing, Zama is positioned to elevate its FHE technology, further cementing its role as a leader in cryptographic innovation.
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Alisa Davidson by Alisa, a passionate journalist at Cryptocurrencylistings, specializes in cryptocurrency, zero-knowledge proofs, investments, and the vast landscape of Web3. With a sharp focus on emerging trends and technologies, she provides in-depth coverage to keep readers informed and engaged in the continually shifting terrain of digital finance.