Quick take:
- The fundraising attracted contributions from Binance Labs, Gate Labs, MH Ventures, K300, and QB Ventures.
- Zakaria (zak) Awes and Luke Sheng from Chainlink joined as angel investors.
- The funds will also be used to accelerate the launch of “ImHuman” dApp, a decentralized application utilizing FHE technology.
Privasea has completed a $5 million seed round for its Fully Homomorphic Encryption Machine Learning (FHEML) distributed computing network. The company is leveraging FHE technology combined with machine language to address data privacy and security challenges in distributed computing.
The fundraising attracted contributions from leading Web3 venture funds and technology companies including Binance Labs, Gate Labs, MH Ventures, K300, QB Ventures and Crypto Times, with Zakaria (zak) Awes and Luke Sheng from Chainlink joining as angel investors.
According to the announcement, Privasea also plans to use the capital to accelerate the launch of “ImHuman” dApp, a decentralized application utilizing FHE technology.
“These early backers have recognized the potential of Privasea’s innovative approach to enhancing data privacy and security in distributed computing,” Privasea wrote in a blog post on its website.
“Fully Homomorphic Encryption (FHE) allows for computations to be performed on encrypted data, ensuring that sensitive information remains secure even when processed. By integrating FHE with machine learning capabilities, Privasea aims to enable more secure, efficient, computations across its network.”
Privasea is not the only company looking to leverage FHE technology to address the issue of data privacy and security in decentralised applications.
On February 21, confidentiality-focused blockchain interoperability platform, Inco announced a partnership with FHE research company ZAMA for its Ethereum-based protocol, which makes on-chain data confidential and auditable.
Last week, the Shibarium ecosystem also collaborated with ZAMA to add an FHE-based layer to its ecosystem, enhancing the data security and privacy of the SHIB community.
According to Privasea its “ImHuman” dApp used FHE technology to ensure the “proof of human” is securely executed, providing a reliable and tamper-proof method for verifying human users in the digital realm.
The company also believes this funding will help its efforts in advancing product development and expanding its user base.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
