Israeli Blockchain Startup Concludes $30 Mln Financing Round That Included Intel, Sequoia
StarkWare Industries, Israeli blockchain startup, has accomplished a $30 million financing round, producing funds from such industry players as Intel Capital and Sequoia USA, as per a declaration issued Oct. 29.
Founded in 2018, StarkWare Industries creates both software and hardware, with applications comprising transparent privacy in blockchains, upsurge transaction throughput, as well as off chain computation. The company provides a zero-knowledge protocol STARK those significances to address the privacy and scalability daunting tasks of the blockchain field.
The firm has proclaimed the completion of its $30 million financing round, which was headed by Paradigm, a crypto hedge fund established by Coinbase co-founder Fred Ehrsam. The investors contributed in the round include such industry players as Intel Capital, Sequoia, Atomico, DCVC, Wing, Consensys, Coinbase Ventures, Multicoin Capital, Collaborative Fund, Scalar Capital and Semantic Ventures.
The financing accompanies a $6 million seed funding round completed in May, with the described participation of Ethereum’s Vitalik Buterin, Tezos’ Arthur Breitman, NEO’s Da Hongfei, and Bitmain among others.
Sequoia reinforced cryptocurrency and blockchain startups in the past. Last year, the company invested in digital currency hedge fund MetaStable Capital powered in San Francisco. Prior to that, Sequoia contributed to Polychain Capital which concentrates in investing in other blockchain companies through Initial Coin offerings (ICOs).
In July of this year, Sequoia, along with other blockchain-based enterprises, invested in a Chinese blockchain startup Nervos Network. Nervos would use the new capital to grow its product and engineering teams and form strategic partnerships. The company also targets to offer a hybrid solution that merges a secure public blockchain and an application chain.
Intel has made forays into the blockchain industry in several ways, filing of a relevant patent application this March. The patent states a Bitcoin (BTC) mining hardware accelerator that would dampen the amount of electricity implemented in crypto mining by “reducing the space utilized and power consumed by Bitcoin mining hardware.”