March 14, 2024
Polyhedra Network, based in Singapore, has completed a $20 million strategic funding round, increasing the company's valuation to $1 billion. This funding round was led by Polychain Capital and included investments from Animoca Brands, Emirates Consortium, Mapleblock Capital, Hashkey Capital, UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital, and Web3Port Foundation. This is Polyhedra Network's fifth round of financing in the past two years.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Polyhedra Network | Mar 14, 2024 | $20M | Series A | $45M | Polychain Capital | ZK, Web3 |
Polyhedra Network specializes in zero-knowledge-proof technology, which enhances security, scalability, and trust-minimization in its products. Its primary product, zkBridge, uses zero-knowledge proofs to validate the state and consensus of the sender chain, which is then verified on the destination chain. zkBridge has facilitated over 20 million cross-chain transactions between more than 25 blockchains, including messages sent using the LayerZero protocol.
The funds from this round will support the expansion of Polyhedra Network's workforce and its global growth efforts. This expansion aims to strengthen the company's position in the zero-knowledge-proof technology sector and promote the adoption of secure interoperability solutions worldwide.
About Polyhedra Network:
Polyhedra Network is a technology company that develops secure, interoperable, and scalable Web3 infrastructure using zero-knowledge-proof technology. The company has created several zk-SNARK protocols that improve performance compared to existing solutions. The zkBridge solution connects over 25 blockchains and validates cross-chain messages with zero-knowledge proofs. Polyhedra Network developers can build secure, scalable, and interoperable applications without additional trust assumptions.
Website: https://polyhedra.network/
X Account: https://x.com/PolyhedraZK
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Investor: Polychain Capital
Description: Polychain Capital is a venture capital firm that invests in early-stage technology companies, focusing on projects within the blockchain and cryptocurrency sectors.
Location: San Francisco, California, United States
Website: https://polychain.capital/
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