Zama Gets Fresh Funds Of IDR 1.1 Trillion To Improve Privacy And Security

Zama gets fresh funds (Doc; Photo. Britwis)

JAKARTA - Zama, an open source cryptographic company that developed a full homomorphic encryption (FHE) solution to protect privacy on blockchain and artificial intelligence, recently received an injection of US$73 million (Rp1.1 trillion) in Series A funding round., quoted from Coingape.

The funding round is led by Multicoin Capital and Protocol Labs, two leading investors in blockchain technology. In addition, several important figures in the crypto industry, such as Anatoly Yakovenko (container of Solana), Juan Benet (founder of Filecoin), and Gavin Wood (founder of Ethereum and Polkadot), also participated.

Zama is one of the pioneers in FHE technology, which is an advanced encryption technique that allows computing to be done on encrypted data without the need to unlock it first. This technology is very useful for maintaining data privacy and security in various sectors, such as blockchain, artificial intelligence, facial recognition, voice assistant, and health.

With the fresh funds it gets, Zama plans to further develop its FHE solution, which has been used by hundreds of applications on various blockchains. Zama also plans to launch flighthole DAO, a decentralized organization that will regulate Zama's protocols in the future.

DAO authorized token holders W, who are Zama's native tokens, to make important decisions regarding protocols, such as adding or removing blockchain connections, upgrading smart contracts, adjusting costs, and managing community funds.

Zama was founded in 2020 by Rand Hindi and Anthony Ramirez, two cryptographs who previously worked at Jump Crypto, a crypto investment and research firm. Zama has a team of more than 75 people, including 36 doctorates in cryptography. Zama was also one of the first crypto companies to get approval from the Uniswap Foundation's Bridge Assessment Committee, a nonprofit that aims to improve interoperability between blockchains.