Cryptography company Zama completes $57 million Series B funding, led by Blockchange Ventures and Pantera Capital

ChainCatcher news, according to CoinDesk, cryptographic company Zama, focused on fully homomorphic encryption (FHE) technology, has completed a $57 million Series B funding round, co-led by Blockchange Ventures and Pantera Capital.

This round of financing brings Zama's total funding to over $150 million, with a valuation exceeding $1 billion, making it the first "unicorn" in the field of fully homomorphic encryption. Fully homomorphic encryption technology allows for privacy to be maintained during data usage, which is particularly important for sensitive applications in blockchain and artificial intelligence.

The Zama protocol allows developers to build encrypted decentralized applications (dapps) without deep expertise in cryptography. The company's public testnet is now open for use, and the funding will be used for the mainnet launch, ecosystem adoption expansion, and research work. Use cases include confidential stablecoin issuance, asset tokenization, private identity verification, and network nation governance.

Zama's Series A funding was led by Multicoin Capital and Protocol Labs, with a total amount of $73 million.