Zama’s encryption technology attracts $73 million in investment
Key Takeaways
- Zama has raised $73 million in Series A funding led by Multicoin Capital and Protocol Labs to advance its FHE technology.
- Described by the CEO as the ‘holy grail of encryption’, FHE technology aims to enhance internet privacy by processing encrypted data without decryption.
- Since its founding in 2020, Zama has attracted major customers, including Shiba Inus.
French startup Zama successfully $73 million raised in Series A funding, one of the largest venture rounds in French history.
As CEO Rand Hindi announced on March 7, these funds: Strengthens the development and application of Zama’s pioneering Fully Homomorphic Encryption (FHE) technology.
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The funding round, co-led by industry giants Multicoin Capital and Protocol Labs, is poised to expand the deployment of Zama’s FHE technology, as CEO Rand Hindi calls it. “The Holy Grail of Cryptography.”
This innovative approach offers the following benefits: Process encrypted data without having to decrypt it first. It promises a new era of Internet data privacy.
Pascal Paillier, Zama’s chief technology officer, likened FHE to a “magic box” that can safely store secret messages while allowing external computation.
The magical part is that you can do calculations on locked boxes without anyone else having to open them or see the secrets. Once you’re done, you can unlock the box and view the math results, and your message will still remain safe and private.
Zama confirmed. The blockchain sector is a key focus area. This is due to the public visibility of blockchain transactions, which raises privacy concerns for apps that handle sensitive data.
To overcome this, Zama developed fhEVM, a tool that allows: Creating private blockchain applications with encrypted transactions and smart contract processing, Compatible with Ethereum Virtual Machine (EVM) compatible blockchains.
Since the founding of Zama in 2020, the technology We have already seen adoption from major players, Such as Fhenix and Shiba Inu (SHIB).
The startup’s efforts to balance on-chain transparency and off-chain privacy will revolutionize confidential smart contracts and encrypted data processing, providing a glimpse into a future where privacy and functionality coexist seamlessly.
Avail has completed another successful funding round, raising $27 million to strengthen the infrastructure needed for more integrated Web3 experiences.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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