- Zama has received $73 million in investment.
- The Series A round of funding was led jointly by Multicoin Capital and Protocol Labs.
- Solana co-founder Anatoly Yakovenko also invested in the project.
- The startup’s team is developing homomorphic encryption technology.
French startup Zama has attracted $73 million in investments for the development of homomorphic encryption technology, which aims to increase the privacy of data of blockchain projects and artificial intelligence. This was reported by Bloomberg.
The Series A funding round was jointly led by Multicoin Capital and Protocol Labs, with participation from Solana co-founder Anatoly Yakovenko and Metaplanet.
Zama CEO Rand Hindi declined to disclose the startup’s valuation. However, he said the homomorphic encryption technology will improve data privacy for emerging industries including blockchain and artificial intelligence.
“We’ve spent three years getting the technology to the point where it’s very easy to use fully homomorphic encryption. So developers don’t need to know anything about cryptography to use it,” Hindi added.
He also said that the company now has over 75 employees and the new capital will be used to further develop crypto, expand customer support and increase the company’s cash reserves.
Earlier, we reported that startup IO Research closed a $30 million Series A round.
