Blockchain zero-knowledge proof authentication startup raises USD 30 mln

Monday 5 November 2018 13:04 CET | News

StarkWare, an Israeli blockchain startup, has raised USD 30 million in new funding to assist it in developing an authentication method known as zero-knowledge proof.

Founded at the beginning of this year by the University of California at Berkeley researcher Alessandro Chiesa, Eli Ben-Sasson and Michael Riabzev of the Technion Israel Institute of Technology, and Chief Executive Officer Uri Kolodny, StarkWare is commercializing the STARK zero-knowledge proof system.

The Series A round was led by Paradigm and included Intel Capital, Sequoia, Atomico, DCVC, Wing, Consensys, Coinbase Ventures, Multicoin Capital, Collaborative Fund, Scalar Capital, Semantic Ventures, Pantera and Floodgate. Including the new funding, StarkWare has raised USD 36 million to date.

Zero-knowledge proof is the ability to prove that something exists or has taken place without exposing its content with the technology being useful in credit and money transfers.

It’s claimed to improve scalability and privacy in blockchains by providing cryptographic proofs that are zero-knowledge, succinct, transparent and secure. StarkWare is developing a “full proof” stack — software and hardware to “support fast and reliable generation and verification of computational integrity proofs for general computations.”

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Keywords: StarkWare, blockchain, startup, authentication, zero knowledge proof, transaction, funding
Countries: World