Seattle-based startup received a boost in realizing $40 million in the just concluded Series A funding round. The zero-knowledge developer lauded the input of Blockchain Capital to lead the financing round.
Blockchain Leads Alchemy and Bain Capital Crypto in RISC Zero Round
The round attracted multiple participants, including Galaxy Digital, Alchemy, Bain Capital Crypto, RockawayX, IOBC, and Algaé Ventures. Other participants in the fundraiser included Fenbushi Capital, Tribute Labs’ Zero DAO, Delphi Digital IOSG, and Maven 11.
RISC Zero lauded the participants for their contribution, enabling it to deliver a scalable blockchain. It intends to use the zero-knowledge (zk) proof tech created by StarkWare and integrated with the RISC-V zero-knowledge virtual machine (zkVM).
RISC-V zkVM differs from the popular zkEVM architecture that utilizes zero-knowledge rollups in verifying transaction data. The Seattle-based RISC-V zkVM is chain-agnostic and eliminates the need for wallet addresses and blockchain constructs.
The integration of the technologies enables RISC Zero to empower the developers reliant on Rust, C++, and Go to program. The firm offers beyond the standard programming languages to create decentralized applications (dapps). Its accomplishment yields a more accessible and inclusive basis to adopt Web3 tech among developers.
Breaking Down Bonsai Computing Platform
RISC Zero targets to leverage the fresh funding as it focuses on the Bonsai Computing platform. Such involves tools that enable the execution of boundless computation on the blockchain.
RISC Zero chief executive Brian Retford lauded the input of contributors. He added that the funding would facilitate bringing the product to the market. Such would fuel rapid application development within the cloud and decentralized environments.
Retford considers the Bonsai platform as one to empower developers to write their applications rather than worry about challenges surfacing under proof orchestration and server infrastructure.
The Bonsai computing platform is poised to yield parallel ZK-proving functionality to the developers irrespective of the language and chain. The chief executive indicated that it is still within the early development phase.
Retford clarified that the developers have focused on a few use cases, including Bonsai proving service. The element constitutes the ETH Relay utilized to access Bonzai when using the Ethereum blockchain.
RISC Zero in August 2022 saw Bain Capital lead a seed round that netted $12 million. The fresh funding will enable the zk startup to realize its mission of fixing the internet.
RISC Zero Promises to Deliver Transparent and Verifiable Supply Chains.
Blockchain managing partner Bart Stephens profiled RISC Zero as the company set to deliver supply chains’ transparency and verifiability in a manner that eliminates concerns regarding privacy, security, and trust issues. He added that RISC Zero will avert the concerns by harnessing zero-knowledge computing to produce a new generation of applications that address the pressing difficulties witnessed in the digital age.
The Blockchain Capital founder admitted that the viability of the RISC Zero product that harnesses zero-knowledge computing justifies the firm’s investment in the Seattle-based startup.
Besides Bain Capital Crypto, Galaxy Digital representatives praised the potential of RISC Zero in eliminating security and privacy concerns. Alchemy executives echoed the sentiments and expressed optimism in RISC Zero realizing the Bonsai computing platform.
The Series A round led by Blockchain Capital is the third time the startup has been held. The initial fundraiser yielded $2 million during the pre-seed phase, steered by Ramez Naam Ventures, assisted by Geometry Research.
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