Zama SAS raises $73 million for cryptography technology – what does this mean for the blockchain industry?

Zama SAS Closes $73 Million Funding Round

Zama SAS, a startup specializing in open-source cryptography, has successfully concluded an early-stage funding round of $73 million. The Series A round was led by Multicoin Capital and Protocol Labs, and attracted a number of reputable investors and industry pioneers in the blockchain field.

Focus on Fully Homomorphic Encryption (FHE) Technology

One of the key areas of focus for Zama SAS is Fully Homomorphic Encryption (FHE) technology, which enables computations on encrypted data. The aim of this technology is to ensure data protection while maintaining their utility, thereby eliminating security gaps when operating on encrypted data.

Open-Source Cryptographic Libraries and Product Innovations

Zama is committed to developing a suite of open-source cryptographic libraries aimed at making FHE technology accessible and comprehensible to developers. The company has already deployed several products, including its latest innovation – fhEVM, an advanced protocol for smart contracts designed for Ethereum Virtual Machine-compatible blockchains.

Development and Utilization Plan for Raised Funds

Zama intends to use the raised funds to expand its team by hiring engineers, programmers, and cryptography researchers. The goal is to further develop existing open-source libraries and work on new applications based on FHE technology. Investors like Multicoin and Protocol Labs bring valuable expertise to the process of introducing FHE to the blockchain sector.

Competition and Development Plans

Zama does not operate in isolation – competition in the FHE technology sector also includes industry giants such as Intel Corp., IBM Corp., and MongoDB Inc. Zama plans to expand its activities not only in the blockchain sector but also in areas such as artificial intelligence, healthcare, financial services, and government security.