Quick take:
The latest round brings the total raised to $9 million.
Other participants in the round include Coinbase, Heartcore Capital, Longhash VC, L2 Iterative Ventures, Staking Facilities, Smape Capital and Everstake.
Arcium says its product leverages ZK-proofs, MPCs and Homomorphic encryption to secure computation on encrypted data.
Arcium, a Web3 startup focused on offering developers and decentralised apps a trust-minimized and configurable framework for encrypted computations has raised $5.5 million in a strategic round led by Greenfield Capital.
The fundraising also attracted participation from Coinbase, Heartcore Capital, Longhash VC, L2 Iterative Ventures, Staking Facilities, Smape Capital and Everstake with Solana co-founder Anatoly Yakovenko and Monad co-founder Keone Han joining as angel investors.
The latest funding round brings the total raised to $9 million according to a report by The Block.
Arcium plans to use the fresh capital to accelerate the development of its platform, which leverages zero-knowledge (ZK) proofs, multi-party computations (MPCs) and Homomorphic encryption to secure computation on encrypted data.
Arcium was founded by Yannik Schrade, Julian Deschler, Nicolas Schapeler and Lukas Steiner, the team that previously founded the Solana-based ZK privacy protocol Elusiv.
The team is doubling down efforts on “confidential computing” by building a verifiable encrypted computation protocol targeted at real-world asset (RWA) tokenisation, decentralised finance (DeFi) apps and decentralised physical infrastructure networks (DePINs), which are some of the fastest growing niches in Web3, as well as, artificial intelligence and healthcare.
Commenting on the announcement, Arcium co-founder and CEO, Yannik Schrade described his company’s approach to data encryption as one that “melds data confidentiality with seamless, fully parallelized execution.”
According to the report, Arcium plans to release two versions of testnets before the mainnet launch, including a private incentivized testnet (now open for applications) and a public testnet.
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The post Web3 Startup Arcium Completes $5.5M Strategic Round Led by Greenfield Capital appeared first on NFTgators .
