The company Chain Reaction, which develops chips and focuses on the development of blockchain security technology and information privacy, has completed a C funding round in the amount of 70 million dollars. The round was led by the Morgan Creek Digital fund and with the participation of the following funds: Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management and Blue Run Ventures.
The company was established in 2019 by CEO Alon Webman and VP of Technology Oren Yokab. Webman was one of the founders of Mellanox, which was sold to Nvidia.
So far, the company has raised $115 million, which has been used to expand development and engineering efforts, with the latest round aimed at accelerating the launch of a system and dedicated chips for blockchain applications. In addition, the recruitment is intended to expand the company’s solutions in the field of privacy enhancement technologies (PETs), which will allow cloud service providers to perform computational processes on encrypted information.
“The next thing in the field of cloud computing will be information security and the protection of encrypted data in real time. Chain Reaction is on the verge of making this goal a reality through hardware that enables the acceleration of the computational processes underlying privacy-enhancing technologies,” he said Alon Webman, co-founder and CEO of Chain Reaction. “Our innovative technology will allow organizations and government authorities to make their computing infrastructures fast and efficient by transferring data to the cloud.”
The company says that the recruitment round is intended to ensure the continued growth of Chain Reaction with an emphasis on developing products and launching them for data centers and cloud service providers. The main areas that the company focuses on are blockchain hardware and the field of privacy, areas that are still in their infancy in terms of the market potential inherent in them.
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