French open-source cryptography company, Zama, has secured $73m in a Series A funding round led by Multicoin Capital and Protocol Labs.
The funds will play a pivotal role in advancing the development of Fully Homomorphic Encryption (FHE) applications, with a specific focus on addressing data privacy challenges in blockchain and AI.
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FHE is a type of encryption that lets users work with encrypted data without first decrypting it.
Zama’s mission statement is to democratise FHE by open-sourcing its FHE libraries, aiming to make privacy technology more accessible for developers.
The company released fhEVM, the first confidential smart contract protocol for EVM blockchains. This breakthrough preserves end-to-end encryption during processing, setting a new standard for secure computation in decentralized systems.
The investment will not only fuel the ongoing development of FHE applications but also support Zama in expanding its current 75-person team.
Rand Hindi, the CEO of Zama, envisions a future where data privacy is guaranteed by design: “With the support of our investors, our talented team, and over 3,000 developers in our community, we can make FHE and privacy synonymous and ubiquitous,”
“This funding gives us the resources to add to the best and brightest cryptography minds we already have on the team, while also continuing to advance the state of the art of what’s possible in data privacy.
“Our investors, Multicoin and Protocol Labs in particular lend valuable experience as we bring FHE to market in the blockchain sector,” he added.
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By GlobalDataZama claims its technology has applications spanning AI, healthcare, financial services, and governmental security.
