Crypto Startup Raises $73 Million for Data Privacy
A French cybersecurity startup called Zama has recently secured $73 million in Series A funding to advance its groundbreaking initiative: enabling computation on encrypted data without the need for decryption.
The funding round, spearheaded by prominent investors Multicoin Capital and Protocol Labs, underscores a significant milestone for Zama’s Fully Homomorphic Encryption (FHE) technology, as announced by CEO Rand Hindi on March 7.
Described by Hindi as a revolutionary advancement in cryptography, Zama’s FHE technology aims to establish data privacy as a fundamental aspect of internet operations while facilitating computational tasks such as cloud computing.
Pascal Paillier, Zama’s chief technology officer, likened FHE to a “magic box” where users can securely store sensitive information while still allowing others to perform computations on it without accessing the actual data. This innovative approach ensures that the privacy of the message remains intact throughout the processing.
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Since its inception in 2020, Zama has attracted significant clients, including Shiba Inu, which has integrated Zama’s technology to enhance its network privacy. The adoption of Zama’s FHE-enabled infrastructure by SHIB in late February 2024 signifies a notable step towards improving on-chain privacy.
Paillier emphasized Zama’s commitment to democratizing FHE technology by developing user-friendly tools and platforms that seamlessly integrate encryption into digital services. This strategy aims to empower businesses to leverage cloud computing and other technologies without compromising on privacy, thereby bridging the gap between data security and operational efficiency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
