Zama raises $73 million in funding to drive innovation in fully homomorphic encryption
Posted: March 7, 2024 2:13 AM Updated: March 7, 2024 2:13 AM
Correction and fact check date: March 7, 2024, 2:13 AM
briefly
Zama has raised $73 million in funding to advance research and development of its FHE tools, expand its team, and strengthen its business ecosystem.
Zama, an open source cryptocurrency company, is led by Filecoin founder Juan Benet, Solana co-founder Anatoly Yakovenko and Ethereum and Polkadot co-founder Gavin Wood.
This equity round brings Zama’s total funding to more than $80 million. The two large rounds, executed over the past two years, aim to help Zama advance research and development of fully homomorphic encryption (FHE) tools.
Additionally, with the new funding secured, Zama plans to expand its team and strengthen its business and ecosystem in the coming months.
Zama leverages FHE technology to enable businesses to access their users’ data and provide services to them without exposing them to high risk. The company’s latest product, fhEVM, serves as a confidential smart contract protocol designed for Ethereum-compatible blockchains. This protocol ensures that on-chain data remains end-to-end encrypted throughout processing. fhEVM is currently compatible with the Ethereum Virtual Machine (EVM) blockchain.
Since its initial research phase, Zama has achieved a 100x performance improvement. The company is actively working to further improve performance by 1,000x to support larger applications.
Zama leads the way in advancing FHE technology.
Founded in 2020, Zama is an open source crypto company specializing in developing FHE solutions tailored for blockchain and AI. Co-founded by Pascal Paillier, a renowned cryptographer and one of the pioneers of FHE technology, Zama focuses on advancing FHE, widely considered the “holy grail” of cryptography due to its ability to ensure end-to-end data encryption. At the processing stage.
A variety of projects have integrated Zama’s FHE technology into their operations, including modular blockchain developer Inco, layer 2 developer Fhenix, and Shiba Inu memecoin creator. In addition to building tools for the blockchain sector, Zama is actively involved in creating custom solutions for a variety of industries, including AI, healthcare, financial services, and government security.
With the new investment, Zama will advance its FHE technology, further solidifying its position at the forefront of crypto innovation.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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