The Israeli startup StarkWare Industries has completed a $ 30 million financing round, generating funds from industry players such as Intel Capital and Sequoia USA, according to an announcement published on October 29th.
Founded in 2018, StarkWare Industries develops both software and hardware, with applications including transparent blockchain transparency, increased transaction throughput and off-line computing. The company offers a zero knowledge protocol STARK, which aims to address the privacy and scalability challenges of the blockchain industry.
The company announced the completion of its $ 30 million financing round, led by Paradigm, a cryptocurrency fund founded by Coinbase co-founder Fred Ehrsam. Investors participating in the round include industry players such as Intel Capital, Sequoia, Atomico, DCVC, Wing, Consensys, Coinbase Ventures, Multicoin Capital, Collaborative Fund, Scalar Capital and Semantic Ventures.
The financing follows a $ 6 million loan round completed in May, with the participation of Ethalium Vitalik Buterin, Arthur Breitman of Tezos, Da Hongfei of NEO and Bitmain.
Sequoia has supported cryptocurrencies and blockchain startups in the past. Last year, the company invested in hedge funds hedge funds of MetaStable Capital cryptocurrency based in San Francisco. Previously, Sequoia contributed to Polychain Capital, which specializes in investing in other blockchain companies through Initial Coin (ICO) offers.
In July of this year, Sequoia, together with other companies linked to the blockchain, has invested in a network of Nervos Network, a Chinese blockchain startup. Nervos would use the new capital to expand its product and engineering teams and create strategic partnerships. The company also aims to provide a hybrid solution that combines a secure public blockchain and a chain of applications.
Intel raided the blockchain sector in various ways, filing a related patent application last March. The patent mentions a Bitcoin mining hardware accelerator (BTC) that would reduce the amount of electricity used in encryption "by reducing the space used and the energy consumed by Bitcoin mining hardware".