Zama Raises $73M to Enhance Privacy in Blockchain and AI

Zama raises $73 million in Series A funding to bolster privacy in the blockchain and artificial intelligence (AI) industries.

Zama raises $73M to boost privacy in blockchain and AI

Zama, the French-based open-source cryptography company, has recently secured an impressive $73 million in a Series A funding round. This funding aims to boost privacy and confidentiality in the blockchain and artificial intelligence (AI) sectors. With this latest funding, Zama’s total fundraising now stands at around $80 million.

Enhancing Customer Support

In a press release, Zama revealed that the funding round lasted for two years, indicating the company’s dedication to its growth and development. Notably, the investment was led by prominent crypto companies such as Multicoin Capital and Protocol Labs. Other firms, including Metaplanet, Blockchange Ventures, Vsquared Ventures, and Stake Capital, also made undisclosed investments.

Zama also received investments from notable angel investors, such as Juan Benet (founder of Filecoin), Anatoly Yakovenko (co-founder of Solana), and Gavin Wood (co-founder of Ethereum and co-creator of Polkadot). These investments reflect the industry’s recognition of Zama’s potential and the importance of privacy-centric solutions.

With the new funds, Zama plans to enhance customer support, advance research, and extend its financial runway, ensuring continued growth and innovation. This injection of capital will drive the company forward and enable further breakthroughs in privacy-based technology.

The Holy Grail of Cryptography

Zama is at the forefront of developing software applications based on fully homomorphic encryption (FHE). This technology enables data processing without decryption, providing a much-needed safeguard for privacy and confidentiality in various industries, including blockchain and AI.

The innovative FHE tool offered by Zama has been described as the “holy grail” of cryptography. It empowers businesses to provide services to customers without accessing their data, thereby significantly reducing risks. Recognizing the immense potential of this technology, Zama plans to dedicate part of the $73 million funding to further advance cryptography.

In an interview, Zama’s CEO, Rand Hindi, highlighted the user-friendly nature of their technology. Developers can now utilize fully homomorphic encryption without requiring extensive cryptographic knowledge. The simplicity of Zama’s tools allows developers to integrate this privacy-centric solution into any application effortlessly.

Currently, Zama’s product, fhEVM, is a confidential smart contract protocol designed for Ethereum-compatible blockchains. With fhEVM, on-chain data remains end-to-end encrypted throughout processing. The company has already developed various open-source fhEVM libraries and solutions for software developers. While their tool is accessible to all, Zama plans to focus on addressing critical issues in the blockchain and AI industries this year.

Adoption by Prominent Projects

Zama proudly reports that several projects within the crypto industry have already adopted their technology solution. Notably, Fhenix, a layer 2 protocol, has integrated fhEVM into its platform, enabling confidential transactions within the Ethereum ecosystem. By incorporating this tool, Fhenix aims to address the crucial need for privacy in scaling solutions.

In addition, popular projects like Shiba Inu and Inco have also embraced fhEVM to enhance their services. Shiba Inu plans to utilize this tool to build an entire network state for its community, powering various aspects from decentralized financial infrastructure to its metaverse. On the other hand, Inco aims to offer confidentiality-as-a-service to different Layer 1 networks, improving the overall privacy of existing blockchains.

The Future of Zama and FHE

Looking ahead, Zama has ambitious plans to make fully homomorphic encryption accessible to the entire internet community, further reinforcing data privacy and security. By adding end-to-end encryption to their solutions, Zama aims to create a more secure environment for businesses and users alike.

Zama’s successful funding round and the adoption of their technology by notable projects demonstrate the growing demand for privacy-focused solutions in the blockchain and AI industries. As Zama continues to innovate and improve its offerings, the impact of fully homomorphic encryption on data protection and privacy in various sectors will undoubtedly be profound.

Q&A

Q: What is fully homomorphic encryption (FHE)?

Fully homomorphic encryption (FHE) is a cryptographic technology that allows data to be processed without decryption. It enables computations to be carried out on encrypted data, preserving privacy and confidentiality. With FHE, businesses can perform operations on sensitive data without directly accessing it, minimizing the risk of data exposure.

Q: How does Zama’s fhEVM benefit the blockchain industry?

Zama’s fhEVM is a confidential smart contract protocol designed specifically for Ethereum-compatible blockchains. It allows on-chain data to remain encrypted throughout processing, providing an additional layer of privacy and security. By leveraging fhEVM, developers and businesses can offer services on the blockchain while ensuring data confidentiality for their users.

Q: Can developers without cryptographic knowledge use Zama’s technology?

Yes! Zama has engineered its technology to be incredibly user-friendly. Developers can utilize fully homomorphic encryption without extensive cryptographic knowledge. Zama aims to make privacy-centric solutions accessible to all, allowing developers to integrate their tools into applications seamlessly.

Q: How does fully homomorphic encryption impact data privacy in the blockchain and AI sectors?

Fully homomorphic encryption significantly enhances data privacy in the blockchain and AI sectors. By enabling computations on encrypted data, FHE ensures that sensitive information remains hidden, even during processing. This technological advancement mitigates the risk of data leakage and enhances confidentiality in industries that rely heavily on data analytics and processing.

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