The blockchain startup Hylé, which is developing a minimal layer one protocol for verifying zero-knowledge proofs (ZKPs), announced on May 14, 2024 that it has successfully closed a $2.6 million seed financing round, raising its total initial funding to $3.4 million.
This fresh capital injection will power the development of Hylé's innovative layer 1 blockchain solution, which aims to accelerate the adoption of ZKPs by significantly reducing the cost of verifying these cutting-edge cryptographic proofs.
The seed round was led by the prominent venture firm Framework Ventures, an investor known for backing notable crypto and decentralized finance (DeFi) projects such as Aave, Optimism, and Layer 2 solution Swell. Several other top-tier participants also joined the round, including Cherry Crypto, Fabric Ventures, Frst Capital, and Heartcore Capital.
Hylé Overview: Origins & Mission
Hylé was co-founded by Sylve Chevet, a former product manager at the French blockchain unicorn Ledger for over three years, and Lancelot de Ferrière le Vayer. The startup aims to operate as a decentralized, permissionless blockchain network powered by an efficient proof-of-stake consensus mechanism, with Hylé Labs currently acting as the sole validator while the blockchain undergoes testing and prepares for mainnet launch.
"Our goal is to enable projects and protocol developers to build their zero-knowledge proof (ZKP) applications and solutions very easily on top of our network, helping to rapidly improve and unlock the full potential of this privacy-preserving technology," explained Sylve Chevet, co-founder of Hylé.
The Modular Blockchain Approach
At the core of Hylé's approach is a modular blockchain architecture inspired by projects like Celestia. By separating key functions like transaction execution, settlement finality, and data availability into distinct layers, Hylé can optimize each component for performance and efficient zero-knowledge proof verification.
Zero-Knowledge Proofs: The Future of Privacy
Zero-knowledge proofs (ZKPs) are advanced cryptographic techniques that enable the validation of transactions or computations without revealing any underlying data. This technology is highly anticipated in the blockchain and crypto space, especially for use cases like private transactions, secure identity verification, confidential NFT minting and more. It promises to enhance privacy and security for a wide range of applications.
Hylé's 2.6m Funding Round
Looking ahead, Hylé aspires to become the go-to multi-chain solution for verifying transactions via zero-knowledge proofs. "Our ambition is to serve as a layer 0 or bridge for ZKPs, enabling transactions originating from different blockchain networks, such as Solana or Ethereum, to be seamlessly verified on Hylé using our optimized ZKP solutions," stated founder Sylve Chevet, providing an overview of the startup's long-term vision.
The funding round led to a 2.6 million USD seed round that will be used to help launch the Hylé network, continue research and development on performance improvements, and drive efforts around security audits, documentation, and onboarding for this zero-knowledge project.
With its innovative modular approach, fresh funding from top venture capital investors like Framework Ventures, and a clear focus on powering ZKP applications, Hylé is well-positioned to drive the development and mainstream adoption of this transformative privacy-enhancing technology in the blockchain ecosystem
About Hylé
Hylé is a groundbreaking blockchain project focused on accelerating the adoption of zero-knowledge proofs (ZKPs) across various applications. Leveraging its layer 1 design, Hylé aims to become a hub for private, trustless computation - enabling seamless interoperability between disparate networks via ZKP bridges. The startup was founded by blockchain veterans with a mission to unlock the transformative potential of zero-knowledge cryptography at scale.
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About Investor
Investor: | Framework Ventures |
Description: | Framework Ventures is a prominent venture capital firm based in Canada, established in 2019 with a focus on backing innovative blockchain and crypto projects. Framework Ventures has made 112 investments so far, with a strong emphasis on decentralized finance (DeFi) projects accounting for nearly 45% of their portfolio. Their investments span various areas like DeFi, Web3, NFTs, infrastructure, and other emerging blockchain use cases. What distinguishes Framework Ventures is their early identification of disruptive trends and potential in the rapidly evolving crypto ecosystem. |
Location: | San Francisco, California, United States |
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