Chain Response, a Tel Aviv-based blockchain startup, introduced it has raised $70 million as a part of its Sequence C funding spherical. The target of the corporate is to increase its engineering workers to speed up the manufacturing of its blockchain-focused silicon and collaborate within the growth of its cryptographic-focused chips.
Chain Response Raises $70 Million in Sequence C Funding Spherical
Chain Response, a startup that focuses on constructing blockchain-based silicon, introduced that it has raised $70 million as a part of its Sequence C funding spherical. The spherical, which was led by Morgan Creek Digital, a part of Morgan Creek Capital — a VC firm co-founded by crypto influencer Anthony “Pomp” Pompliano — noticed the participation of Hanaco Ventures, Jerusalem Enterprise Companions, KCK Capital, Exor, Atreides Administration, and Blue Run Ventures.
With this capital inflow, the corporate expects to extend its engineering headcount in an effort to hasten the event of its blockchain silicon merchandise, estimated to achieve the market later this yr. In accordance with Alon Webman, co-founder and CEO of Chain Response, the mass manufacturing of the primary batch of chips, referred to as “Electrum,” will begin in Q1 2023.
In accordance with reviews from Reuters, Electrum shall be a extremely environment friendly ASIC chip designed for bitcoin mining, a discipline dominated by firms like Bitmain. The fabless startup enrolled the providers of TSMC, one of many largest foundries in Taiwan, to mass produce the chips.
Whereas the corporate didn’t disclose its valuation, Techcrunch estimates it to be round $500 million, having raised $115 million since its founding.
Blockchain Chips and Homomorphic Encryption
Chain Response goals to make use of its first batch of blockchain chips as a trampoline to creating extra superior silicon, designed to deal with cryptographic issues.
The extra superior chips can be centered round a method referred to as homomorphic encryption, which allegedly may permit them to make operations with encrypted knowledge with out decrypting it within the first place.
This might have a number of functions within the cryptography discipline, permitting for extra environment friendly and personal operations with out having to place plain data within the open when working with knowledge.
The corporate is optimistic about having an answer for this cryptographic challenge, even with at the moment’s restricted processing capabilities. Chain Response co-founder and CEO Alon Webman said:
We predict our resolution will make homomorphic encryption viable. We’ve distinctive structure and we additionally perceive the constraints on compute and reminiscence amongst processors at the moment. We’ve the answer wanted to make it doable.
Chain Response expects to launch this chip someday on the finish of 2024.
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