Zama, a company specializing in cryptography and spearheading the development of fully homomorphic encryption (FHE) for blockchain technologies, has successfully raised $57 million in a Series B funding round led by Blockchange Ventures and Pantera Capital.

This funding elevates Zama’s total raised capital to over $150 million, valuing the company at more than $1 billion, thus marking it as a pioneering unicorn in the FHE sector.

Fully homomorphic encryption enables data privacy even during its utilization, which makes it exceptionally beneficial for sensitive applications within blockchain and AI fields. The newly acquired funding will be directed towards launching the mainnet, increasing ecosystem adoption, and enhancing research initiatives.

The Zama protocol facilitates developers in creating encrypted decentralized applications (dapps) without the necessity for in-depth cryptographic knowledge. Use cases span from issuing confidential stablecoins, asset tokenization, to secure identity verification and governance in network states.

“Zama is commercializing an entirely new generational technology that could redefine how confidentiality is handled in the blockchain and, ultimately, in all cloud computing,” said Ken Seiff, Co-Managing Partner of Blockchange Ventures.

Translation: Ken Seiff, a pivotal figure in Blockchange Ventures, expressed, “Zama is bringing to market a groundbreaking technology that might transform confidentiality measures in blockchain and future cloud systems.”

Previously, the company raised $73 million in a Series A funding round, led by Multicoin Capital and Protocol Labs. For further information, visit this article.