Blockchain Startup StarkWare Raises $30M USD In Funding Led By Paradigmbr>
Israel-based blockchain startup StarkWare has raised $30 million in a Series A funding round led by cryptocurrency fund Paradigm. New investors also participated in the round, including Intel Capital, Sequoia, Atomico, DCVC, Wing, Consensys, Coinbase Ventures, Multicoin Capital, Collaborative Fund, Scalar Capital and Semantic Ventures.
Founded earlier this year, StarkWare aims to improve scalability and privacy in blockchains using the STARK technology, which provides cryptographic proofs that are zero-knowledge (ZK), succinct, transparent (no need for a trusted setup), and post-quantum secure. STARK technology’s full proof stack – software and hardware – supports fast and reliable generation and verification of computational integrity proofs for general computations.
Zero-knowledge Protocol, first introduced in 1985 by Shafi Goldwasser, Charles Rackoff, and Silvio Micali, is a way of doing authentication where no passwords are exchanged, which means they cannot be stolen. It allows individuals to validate the truth of something without revealing how they know that truth or sharing the content of this truth with the verifier.
The new capital will be used to commercialize the STARK technology to allow public blockchain networks to add similar privacy to their own protocols.
“StarkWare commercializes the STARK zero-knowledge proof system,” the company said. “Our co-founders are Prof. Eli Ben-Sasson (Technion), Prof. Alessandro Chiesa (UC Berkeley), Uri Kolodny, and Michael Riabzev. We’ve assembled a world-class team of experts in zero-knowledge proof systems and engineering, to solve two of the main challenges in the blockchain space: privacy and scalability.”
Paradigm was created earlier this year by Coinbase co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes, formerly of stalwart crypto fund Pantera Capital. StarkWare’s Series A funding round is the first funding project led by Paradigm. As part of its investment, Huang will join StarkWare’s board of directors.