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.
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.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
