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Blockchain-focused cryptography startup Zama raises $73M to protect data in use - SiliconANGLE

Mar 07, 2024 - siliconangle.com
Zama SAS, a cryptography startup specializing in fully homomorphic encryption (FHE) technology, has raised $73 million in a Series A funding round. The round was led by Multicoin Capital and Protocol Labs, with participation from other investors including blockchain pioneers Juan Benet, Anatoly Yakovenko, and Gavin Wood. Zama's FHE technology allows computations on encrypted data, providing robust data protection and addressing vulnerabilities in data usage. The company plans to use the funding to hire engineers, software developers, and cryptography researchers to maintain its open-source libraries and develop new FHE applications.

Zama is targeting the blockchain and AI industries with its FHE technology and has already released several products, including fhEVM, the first confidential smart contract protocol for Ethereum Virtual Machine-compatible blockchains. The company is also working on bespoke solutions for the AI, healthcare, financial services, and government security industries. However, Zama faces competition from larger companies like Intel Corp. and IBM Corp., as well as startups like Vaultree Ltd. and Cornami Inc., all of which are developing FHE-based technologies.

Key takeaways:

  • Zama SAS, a cryptography startup, has raised $73 million in a Series A funding round for its fully homomorphic encryption (FHE) technology, aimed at protecting privacy in blockchain and AI applications.
  • The FHE technology allows computations to be performed on encrypted data, addressing a weak spot in data security where encrypted data has to be unscrambled by applications before use, leaving it vulnerable.
  • Zama is developing a suite of open-source cryptographic libraries and tools to make FHE accessible to developers and is applying the technology in the blockchain and AI industries.
  • Despite competition from larger companies like Intel and IBM, Zama plans to use the funding to hire more engineers, software developers, and cryptography researchers to maintain its open-source libraries and develop new FHE applications.
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