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French cryptography company Zama has raised $57 million in a Series B funding round, bringing its total funding to over $150 million and pushing its valuation beyond $1 billion. The round, co-led by Blockchange Ventures and Pantera Capital, strengthens Zama’s position as a frontrunner in the commercialisation of Fully Homomorphic Encryption (FHE) for blockchain and cloud-based applications.

A Milestone for FHE Technology

Founded by Dr Pascal Paillier and Dr Rand Hindi, Zama has spent the last four years developing advanced FHE solutions, a cryptographic breakthrough that allows computations on encrypted data without the need for decryption. The technology ensures data confidentiality is preserved throughout both processing and transit, making it especially valuable for decentralised finance, cloud computing, and identity verification.

“With this latest raise, Zama becomes the world’s first unicorn in the FHE space, which is a major milestone for the industry,” said CEO and co-founder Dr Rand Hindi. “It reflects market confidence in our technology and our team’s ability to deliver true confidentiality for onchain financial applications.”

Zama’s Confidential Blockchain Protocol and Testnet

The new funding supports the rollout of Zama’s Confidential Blockchain Protocol and public testnet. These tools will enable developers to start building privacy-focused decentralised applications (dApps) using Zama’s FHE Virtual Machine (FHEVM), initially compatible with Ethereum and other EVM chains, with support for Solana expected in 2026.

Zama’s FHEVM allows smart contracts to operate directly on encrypted data, ensuring confidentiality without sacrificing composability or developer usability. Developers can build confidential dApps without needing prior expertise in cryptography, using familiar languages like Solidity.

The company is targeting several blockchain-native use cases with its technology, including confidential finance, stablecoin issuance, asset tokenisation, compliance, identity verification, and the formation of private onchain communities.

Scalability, Performance, and Hardware Integration

One of Zama’s major accomplishments is its breakthrough in performance, its FHE technology is now 100 times faster than when it launched. It currently supports hundreds of transactions per second using GPUs and plans to scale this further with a custom hardware chip capable of processing tens of thousands of transactions per second.

Over the next five years, the company aims to improve scalability by another 100-fold, making FHE practical for widespread onchain use. This performance gain, paired with developer-friendly tools, aims to overcome long-standing adoption barriers for homomorphic encryption.

Strategic Backing and Industry Confidence

Ken Seiff, Co-Managing Partner at Blockchange Ventures, described Zama as a “generational technology company,” comparing its potential impact to Ethereum’s emergence in 2014. “This is our third and largest investment in Zama,” said Seiff. “Public blockchains will be the first to benefit, but the impact could extend to sectors like healthcare, defence, and cloud computing.”

Paul Veradittakit, Managing Partner at Pantera Capital, echoed this sentiment, calling Zama’s protocol a “cryptography milestone” that unlocks secure and compliant dApps for artificial intelligence, crypto, and cloud use cases. “The protocol paves the way for onchain identity, financial and consumer applications, previously out of reach for developers,” he said.

Wider Adoption and Developer Ecosystem

Zama is already seeing rapid adoption, with over 5,000 developers actively using its FHE libraries. According to Hindi, the company has removed historical obstacles such as performance limitations and complex integrations. Now, the focus is on enabling the developer community to harness the benefits of FHE in real-world applications.

“We believe that ultimately, most blockchain transactions will need to be confidential,” said Hindi. “This testnet gives developers early access to FHE so they can start building and exploring this technology for their own applications.”

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