Zama Secures $73M Funding to Revolutionize Data Privacy with Advanced Encryption Technology
Summary:
Zama, a French cryptography firm, has secured $73 million in Series A funding to develop its Fully Homomorphic Encryption (FHE) technology, which allows calculations on encrypted data without revealing the original message. Since its inception in 2020, Zama has already attracted key clients like Shiba Inu, signifying the potential of its encryption solution. The company aims to make FHE more accessible to businesses, enabling them to leverage cloud computing and other technologies without compromising privacy.
Zama, the innovative French cryptography firm, has recently secured $73 million in a Series A funding round. This substantial investment is targeted towards the development of Zama's breakthrough Fully Homomorphic Encryption (FHE) technology, a subject publicly addressed by Zama’s CEO, Rand Hindi, on March 7. Guided by major industry investors such as Multicoin Capital and Protocol Labs, Zama is striving to revolutionise data privacy in the digital realm, creating a new standard that can maintain privacy while also accommodating data processing for activities like cloud computing.
Zama's CTO, Pascal Paillier, talked to Cointelegraph about this "holy grail of cryptography". The technology, he explained, is akin to a "mystical box" where a classified message can be placed and locked in, allowing calculations to be carried out on the sealed box without disclosing your secret. After the calculations, the outcome can be revealed without compromising the original message.
Since its establishment in 2020, Zama has gained several noteworthy clients, such as Shiba Inu, utilising Zama's technology to develop its entire network state. Shiba Inu integrated Zama’s FHE technology into its privacy framework in late February 2024, intending to enhance on-chain confidentiality.
Paillier also discussed Zama's aims to advance FHE's accessibility and efficacy for developers, allowing businesses to capitalise on cloud computing and other technologies without sacrificing privacy. This entails the creation of accessible tools, libraries, and platforms that facilitate FHE integration into digital services, sidestepping the need for specific expertise in encryption.
Paillier emphasised that Zama's solution strikes a unique balance between on-chain transparency and off-chain privacy. Developers can seamlessly merge the two elements, executing confidential smart contracts on encoded data without diluting confidentiality or composability.
Published At
3/7/2024 2:06:00 PM
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