Succinct Raises $55M in Seed and Series A Rounds Led by Paradigm

The company will use the funds to accelerate the development of its open-source infrastructure for zero-knowledge proofs.
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Quick take:

  • Succinct wants to make zero-knowledge proofs available to any developer.
  • The company offers zkVM and  SP1, a 100% open-source zkVM experience, which developers can use with normal programming languages.
  • The fundraising also attracted participation from Robot Ventures, Bankless Ventures, Geometry, ZK Validator, and several angel investors.

Succinct, a web3 infrastructure provider that offers open-source zero-knowledge virtual machine to developers, has completed a $55 million funding round led by Paradigm. The funds were raised across two rounds, seed and Series A, and attracted participation from Robot Ventures, Bankless Ventures, Geometry and ZK Validator.

Sreeram Kannan from Eigenlayer, Sandeep Nailwal and Daniel Lubarov from Polygon, and Elad Gil joined as angel investors.

Zero-knowledge proofs are used by Web3 applications looking to achieve scalability without sacrificing security and interoperability but can be too complex for some developers. To make zk-proofs available to all developers, Succinct is using its zkVM, SP1, and our decentralized prover network to offer a 100% open-source zkVM experience, which developers can use with normal programming languages.

“SP1 is the first 100% open-source zkVM performant enough to rival custom ZK circuits. With SP1, developers can use ZK with normal programming languages, reuse existing crates and libraries, and iterate quickly with auditable and maintainable code,” Uma Roy, co-founder and CEO explained in a post on the company’s website.

Succinct’s zk-infrastructure is already used by the likes of Celestia, Wormhole, Lido, Avail, Near, and Gnosis, to build zk-enabled applications.

“We’re excited for SP1 and the Succinct prover network to make it possible for any developer to build with ZK,” Roy said.

In February, the company launched the Succinct Prover Network, a decentralised network that enables anyone to build blockchain applications and infrastructure secured by cryptographic truth. The network supports the development of data oracles, bridging protocols, coprocessors, artificial intelligence models, rollups and digital identity.

The infrastructure layer allows any application to outsource proof-generation for open-source proof systems.


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