The company founded by Alon Wegman and Oren Yokav develops ASIC chips for blockchain and crypto security
Chain Reaction, an Israeli startup that designs semiconductors and related architecture for use in crypto hardware and blockchain that runs cryptographic processes, has closed a $70 million funding round, which brings the company’s total funding during its six years of operation so far under the radar to $115 million. The industry estimates that the recruitment was carried out at a value of 500 million dollars.
The round is led by Morgan Creek Digital, in which Henco Ventures, Jerusalem Ventures Partners, KCK Capital, Exor, Atreides Management and Blue Run Ventures also participate.
The founders of the company are a veteran of the chip industry Alon Vavman, and his partner Oren Yokab (VP of Technologies), who was director of technological activities in the Prime Minister’s Office for 21 years, which explains the company’s long time in the shadows. The company has offices in Kneam, Tel Aviv, the USA and Taiwan and employs 107 people.
The fundraising funds will be used to expand the team, which includes graduates from Nvidia, Mellanox, Israeli Intel and TSMC – and to release its first products to the market in the coming quarter (first quarter 2023). These products will include, according to the company, application-specific integrated circuits (ASICs) and related systems, as well as solutions for designing cloud data infrastructures to enable privacy-enhancing technologies (as some of the cryptographic security approaches are sometimes described) – the idea is that Chain Reaction’s technology will reduce power consumption and speed up The computing because their design is adapted to cryptographic calculations and therefore more efficient.
Chain Reaction currently works with TSMC as its sole foundry partner, with no current plans to take on the work.
The company focuses on developing blockchain and privacy technologies. The company aims to improve computing performance for companies by using custom ASIC and energy-efficient, high-performance systems. Its 3PU technology is designed to accelerate the processing of securely encrypted data, enabling industries that handle confidential data to use cloud computing. The company’s solutions are specially built and custom designed to provide secure, scalable and environmentally friendly computing to protect privacy and the planet.