Quick take:
- The fundraising also attracted participation from Robot Ventures and Ethereal Ventures.
- Alex Atallah from OpenSea, Daniel Lubarov from Polygon, and Liam Horne from Optimism were among those who joined as individual investors.
- Axiom is building a zero-knowledge proofs-based infrastructure for smart contract transactions.
Axiom has announced a $20 million funding round co-led by Paradigm and Standard Crypto. Robot Ventures and Ethereal Ventures also joined the round, with participation from multiple ZK and crypto builders.
According to the announcement on the Axiom blog, Hasu from Flashbots, Sandy, Ye and Haichen from Scroll, Alex from OpenSea, Sreeram and Calvin from EigenLabs, Liam from Optimism / ETH Global, Collin from Obol, Lakshman from Personae, Stephen and Jazzy from Zellic, Brendan and Daniel from Polygon, Zac and Joe from Aztec, and many others joined as individual investors.
The company said it will use the fresh capital to expand its team and accelerate the development of its core ZK platform empowering smart contract developers to build data-rich, on-chain applications.
Axiom wants to lower the cost associated with reading data on-chain with some platforms already forced to adapt to the high cost of data by “removing features or carefully crafting contracts to optimize data usage.” This limits developers from leveraging data to scale forcing them to bake features like voting for governance into token contracts from inception, co-founder Yi Sun wrote in a blog post.
Axiom is looking to address this challenge by introducing a new approach to authenticated data access which uses ZK cryptography instead of consensus, which according to the founders “allows on-chain applications to compute over more data at a lower cost.”
“We believe the demand to store, access, and operate over authenticated data will only grow over time and that cryptography and blockchains are the correct tools to serve this demand. At Axiom, we’re excited to continue enabling developers to build data-rich user experiences on-chain without compromising the trust-minimized guarantees that brought them to blockchains in the first place,” Sun wrote.
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