For Immediate Release
Crypto startup Zama has raised $57 million in Series B funding, pushing its valuation past $1 billion and positioning it as the first FHE-focused company to achieve unicorn status.
About Zama and Its Technology
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Founded in 2020, Zama is pioneering fully homomorphic encryption (FHE) protocols for blockchain networks.
FHE Capability: Enables encrypted smart contracts and confidential blockchain applications, allowing secure on-chain computation without revealing underlying data.
Founder Quote: CEO Rand Hindi emphasized the focus on financial applications, specifically payments, stating, “It’s clear from all our conversations… they want confidentiality in on-chain payments.” -
This breakthrough technology allows data encryption that can still be processed without decryption, making confidential transactions feasible on public blockchains.
Differentiating Factor: Unlike privacy tools (e.g., mixers), Zama keeps transaction activity traceable (anonymously) while hiding specific sensitive data like balances and amounts. Hindi clarifies: “Zama hides the on-chain data, not the transaction trace.”
Key Features and Roadmap
- Programmable Confidentiality: Allows developers to define granular decryption permissions within smart contracts. For instance, a stablecoin issuer could configure permissions to show balances to both the user and a compliant officer.
- Initial Network Support: First mainnet deployment planned for Q3 2024 on Ethereum before rapid expansion to other EVM-compatible blockchains.
- Solana Integration: Planned for 2026, contingent on performance scaling and formal audits required.
