French open-source cryptography company, Zama, has made headlines with its recent $73m Series A funding round led by Multicoin Capital and Protocol Labs. This funding will propel the development of Fully Homomorphic Encryption (FHE) applications, with a specific focus on addressing data privacy challenges in blockchain and AI.
FHE is a cutting-edge encryption technology that allows users to work with encrypted data without the need to decrypt it first. Zama’s mission is to democratize FHE by open-sourcing its FHE libraries, making privacy technology more accessible for developers.
One of Zama’s recent breakthroughs is the release of fhEVM, the first confidential smart contract protocol for EVM blockchains. This protocol ensures end-to-end encryption during processing, setting a new standard for secure computation in decentralized systems.
CEO Rand Hindi envisions a future where data privacy is guaranteed by design, stating, “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.”
The funding will not only drive the development of FHE applications but also support Zama in expanding its current 75-person team. Zama’s technology has applications across various industries, including AI, healthcare, financial services, and governmental security.
With the backing of Multicoin Capital and Protocol Labs, Zama is poised to revolutionize data privacy and encryption technology, bringing FHE to the forefront of the blockchain sector. This investment marks a significant milestone for the company as it continues to push the boundaries of what is possible in data privacy and security.