Polychain Capital Leads $20M Funding Round for Polyhedra Network

The fundraising values the Web3 infrastructure provider and creator of the zkBridge protocol at $1 billion.
Image source: polyhedra.network

Quick take:

  • Animoca Brands, HashKey Capital, LongHash Ventures, Emirates Consortium and Mapleblock Capital also joined the round.
  • Polyhedra plans to use the new capital to expand its team and accelerate global expansion.
  • The fundraising was completed via a simple agreement for future tokens, the same as the previous four rounds.

Polyhedra Network, a Web3 infrastructure provider that leverages zero-knowledge proofs has completed a 20 million funding round raised via a simple agreement for future tokens (SAFT), the company announced on Thursday.

Polychain, Capital, an existing investor in Polyhedra led the round with participation from Animoca Brands, Emirates Consortium, Mapleblock Capital, Hashkey Capital, UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital and Web3Port Foundation.

Polyhedra Network said this is its fifth fundraising, with its previous four rounds also completed via SAFT. According to the announcement, the round values the company at $1 billion, reaching unicorn status. 

The company is building the zkBridge protocol, which uses zero-knowledge proofs to verify statements on the blockchain, thus facilitating cross-network interoperability with increased security and scalability. 

Powered by the cross-chain interoperability protocol LayerZero, zkBridge has already facilitated over 20 million cross-chain transactions, generating over 40 million zero-knowledge proofs across 25 blockchains. 

Commenting on the fundraising, Eric Vreeland, chief strategy officer of Polyhedra Network said in a statement: “Blockchain technology is revolutionary because it allows for individuals and institutions to transact without a trusted intermediary. Zero-knowledge technology is the key to unlocking blockchain’s full potential.”

Polyhedra said it will use the new funds to accelerate its global expansion and hire more staff.

According to Vreeland, the latest fundraising closed in February 2024, bringing the total raised to $75 million, The Block reported.


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