ZK-Proof hardware company Ulvetanna has raised $15 million in a seed round to increase production efficiency, bringing its total valuation to $55 million.
Funding Highlights
The seed round for the zero-knowledge-proof hardware company was led by Bain Capital and Paradigm, while Jump Crypto was among the participants. The company, which made a good start with the investment it raised, will prioritize creating ZKPs for Layer 2 zero-knowledge Ethereum Virtual Machine networks using zero-knowledge technology.
The funds raised will be used to expand the Ulvetanna team, strengthen the platform, and invest in servers and computer hardware chips. Radisav Cojbasic, founder and CEO of Ulvetanna, said:
“These investors have strong internal research teams which identified the importance of ZKP acceleration early. They were looking to make a move in this direction and we quickly structured a deal.”
Zero-Knowledge-Proof
The company is building hardware that accelerates zero-knowledge-proof processes. Zero-knowledge-proof is a cryptographic method for proving the content of the information you have without revealing it to the other party. For many companies, this is a lengthy and costly task.
In this period when the world and users attach importance to data privacy, zk developers have come to the fore. Ulvetanna, which received an investment of $ 15 million, and Nil Foundation, which received an investment of $ 22 million recently, are zk developers. Cojbasic said:
“Web3 infrastructure is the first innovative tech in recent history that requires hardware acceleration on day one. We consider ourselves web3 compute infrastructure enablers and we believe that mass adoption will be achieved with our custom web3-friendly ZKP compute platform.”
About Ulvetanna
Ulvetanna is a hardware developer accelerating zero-knowledge-proof processes. Its mission is to create a zk revolution by supporting web3 networks with reliable and cost-effective zkp’s. The company saves energy consumption by using the most cost-effective hardware when implementing the proof mechanism. The company core team consists of experts and experienced people who have worked at companies such as Microsoft, Coinbase, and Intel.
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