Funding of $12.5 million granted in Series A round for zkPass's data verification platform.
In an exciting development for the blockchain and privacy-focused technology sector, zkPass has announced the successful completion of a $12.5 million Series A funding round. This round, structured as a Simple Agreement for Future Tokens (SAFT), brings the total funding raised by zkPass to $15 million.
The funding round was backed by a consortium of prominent investors, including dao5, Animoca Brands, Flow Traders, Amber Group, IOBC Capital, Signum Capital, MH Ventures, and WAGMI Ventures. This investment values zkPass at a impressive $100 million.
Founded in 2022, zkPass offers a zero-knowledge proofs-powered platform for verifying user information without sharing actual data. The company's data verification protocol can be used for verifying identity, financial records, driver information, and beyond. This includes healthcare information, social interactions, work experience, education and skill certifications, legal status, and more.
With the new funds, zkPass plans to expand its team across engineering, marketing, and business development functions. The company also aims to launch its native token in the first quarter of 2025.
Bing Jiang, co-founder and CTO of zkPass, stated that the company has generated over two million proofs from 70+ web data sources using zK-based technology. This underscores the potential of zkPass's technology to revolutionise data verification in various sectors, including healthcare, education, social networking, employment verification, and regulated on-chain financial services.
It's worth noting that zkPass's closest rival, Opacity Network, also recently announced the development of a similar zk proof-based data verification protocol. This competitive landscape is expected to drive innovation and rapid development in the field.
The fundraising was announced following a $2.5 million seed round that was announced in August 2023. With this latest round, zkPass is well-positioned to continue its growth and make significant strides in the privacy-focused technology space.
References: 1. zkPass Raises $12.5 Million in Series A Funding Round 2. zkPass: A Zero-knowledge Proofs-powered Platform for Verifying User Information 3. zkPass: Bridging Web2 to Web3 with Privacy-Preserving Data Verification 4. zkPass: A Comprehensive Guide to Privacy-Preserving Data Verification 5. Opacity Network Developing Similar zk Proof-based Data Verification Protocol
- The investment from dao5, Animoca Brands, Flow Traders, Amber Group, IOBC Capital, Signum Capital, MH Ventures, and WAGMI Ventures in zkPass's Series A funding round indicates a promising future for finance and investing in privacy-focused technology companies like zkPass.
- With the launch of its native token and expansion of its team in engineering, marketing, and business development, zkPass aims to revolutionize data verification in sectors such as finance, healthcare, education, and more, leveraging technology such as zero-knowledge proofs.
