Business News Report
March 07, 2024

Zama Raises $73M Funding to Propel Innovations in Fully Homomorphic Encryption Technology

In Brief

Zama raised $73M funding to advance its research and development of FHE tools, expand its team and boost its business ecosystem.

Cryptography Firm Zama Raises $73M to Propel Innovations in Fully Homomorphic Encryption Technology

Open-source cryptography company Zama raised $73 million in a Series A funding round led by Multicoin Capital, Protocol Labs, Metaplanet, Blockchange Ventures, Vsquared Ventures, and Stake Capital, with participation from Filecoin founder Juan Benet, Solana co-founder Anatoly Yakovenko and Ethereum and Polkadot co-founder Gavin Wood.

This equity round brought Zama’s total funding to over $80 million. Executed in two tranches over the past two years, the mega round aims to support Zama in advancing its research and development of Fully Homomorphic Encryption (FHE) tools.

Additionally, with the new funding secured, Zama intends to expand its team and enhance its business and ecosystem in the coming months.

Zama leverages FHE technology to enable companies to provide services to users without accessing and exposing their data to heightened risks. 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 Ethereum virtual machine (EVM) blockchains.

From its initial research phase, Zama has achieved a notable 100x improvement in performance. The company is actively pursuing an additional 1,000x enhancement in performance to support larger applications.

Zama Leads the Way in Advancing FHE Technology

Founded in 2020, Zama is an open-source cryptography 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 regarded as the “holy grail” of cryptography due to its capability to ensure end-to-end data encryption, even during the processing phase.

Various projects, such as modular blockchain developer Inco, Layer 2 developer Fhenix, and the creators of the Shiba Inu memecoin, integrated Zama’s FHE technology into their operations. Apart from constructing tools for the blockchain sector, Zama is actively engaged in crafting customized solutions for diverse industries, including AI, healthcare, financial services, and governmental security.

With the new investment, Zama is set to advance FHE technology, further solidifying its position at the forefront of cryptographic innovation.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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