Zama Raises $73 Million to Tackle Data Privacy Challenges

Cryptography company Zama made headlines today, Mar. 7, after securing a considerable sum in a Series A funding round. 

Zama announced in a tweet that it had received $73 million to tackle data privacy challenges across blockchain and AI use cases. Protocol Labs and Multicoin Capital led the Seria A funding round. 

Deep Dive Into Zama’s Plan with The $73 Million Investment

Founded by Rand Hindi and Pascal Paillier in early 2020, Zama is a Paris-based cryptography company focused on fully homomorphic encryption (FHE) for data security advancements. Zama’s offerings are profound in the blockchain and artificial intelligence (AI) industries, where data privacy and confidentiality are necessary.

These industries are familiar with data leaks, malicious activity, and scams, so numerous investors showed interest in the funding round. Contributions from other investors, such as Vsquared Ventures, Metaplanet, Blockchange Ventures, and Stake Capital, indicate strong industry confidence in the cryptography company’s potential for growth.

Angel investors, including Solana co-founder Anatoly Yakovenko, Polkadot co-creator Gavin Wood, and Filecoin founder Juan Benet, also joined the funding round. The recent $73 million Series A investment, co-led by Multicoin Capital and Protocol Labs, will enhance Zama’s cryptography technology, ensuring it remains at the forefront of the industry. 

Before this, the cryptography company raised $8 million during a pre-seed and seed round, totaling $81 million. According to Zama co-founder Rand Hindi, other tech startups like Ravel, Duality, and Enveil will keep working on algorithms and techniques to compress the work involved to carry out homomorphic encryption on existing infrastructure.

Rand Hindi added; “We are mostly friends with each other, the goal is not to fight but to build a market … We see each other at conferences and talk about it and one day we will compete but not today.”

Disclaimer

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