Polyhedra Network, an infrastructure provider that specializes in zero-knowledge (ZK) proofs, recently announced a pre-Series A funding round that was led by Polychain Capital and fetched the company $15 million. Polyhedra Network based on Berkeley, California, is making strides in the blockchain space focus on interopeability, scalability and privacy.
The aforementioned round was enabled with two deals that were completed in quick succession, with the help of Binance Labs and Polychain respectively. Despite the crypto bear market that has seen investments in the industry stagnate, Polyhedra Network has managed to make a mark.
Part of the system built by Polyhedra Network is zkBridge, used for an efficiently cross-chain asset and data transfer. To make this a reality, technology like zero-knowledge proofs are used. This provides strong security without any external assumptions, while the on-chain verification cost is reduced substantially.
zkBridge has been in testnet since the past 6 months, but recently the company has announced a successful mainnet alpha launch. This made the system available to users across a range of layer 1 and layer 2 blockchains.Other backers in the round included ABCDE, Sparkle Ventures, HashKey Capital, Foresight Ventures, Kucoin Ventures, NGC Ventures and Arcane Group.
Stephen Akers, CEO of Polyhedra Network, talked about setting up zkBridge in the system and said "For the first time, developers around the world can tap into the power of zero-knowledge proofs without having to invest the time and effort required to learn its full implementation. We want to make it easier for the world to leverage trustless asset transfer and ZK-powered DeFi applications”.
Looking ahead, Polyhedra Network is set to focus on confirming zkBridge's compatibility with additional blockchain networks, API and SDK launches that will help developers collaborate with each other, and more. Signs are strong that privacy and interopeability are the future of crypto and with the right backing, Polyhedra Network could lead the way.
Lucy Clark
- 2023-04-04
Polyhedra Network Secures $15 Million Investment
Polyhedra Network, an infrastructure provider that specializes in zero-knowledge proofs, recently announced a pre-Series A funding round of $15 million led by Polychain Capital and Binance Labs. Despite the crypto bear market, Polyhedra Network has successfully made a mark.
