PANews reported on July 2 that according to CoinDesk, Pi Squared, a company that uses zero-knowledge technology to achieve verifiable computing, announced that it has raised $12.5 million in a seed round led by Polychain Capital. Also participating in this round of financing are ABCDE, Bloccelerate, Generative Ventures, Robot Ventures and Samsung Next, as well as angel investors including Justin Drake of the Ethereum Foundation and Sreeram Kanaan, founder of EigenLayer.
Pi Squared is led by Grigore Rosu, a computer science professor at the University of Illinois at Urbana-Champaign. The company plans to use the new funds to expand its products. Pi Squared's first product is a "universal settlement layer" that can settle blockchain transactions in any programming language. Rosu said the company is also developing "universal zero-knowledge circuits," which will enable "trustless remote computing, AI, and interoperable smart contracts for any blockchain or dApp" through zero-knowledge technology. The project is expected to enter the testnet stage by the end of 2024.