RISC Zero, a startup that builds zero-knowledge (ZK) proof software, has raised $40 million in a Series A funding round led by the major crypto-focused investor Blockchain Capital.
In its announcement of the closing of the funding round, RISC Zero said the fresh capital will be used to bring its Bonsai computing platform to the market.
Bonsai is a platform that allows developers to focus on coding their application, while the platform takes care of complexities related to proof orchestration and server infrastructure.
According to the firm, this will “bring massively parallel ZK-proving functionality to any developer, in any language, on any chain.”
A new foundation for the future internet
Commenting on the raise, Brian Retford, CEO & co-founder of RISC Zero, said his team is honored to be supported by investors that want to help his firm create a “revolution in computing capability.”
“We’re excited to play our part in building a more open and trusted foundation for the future of the internet,” Retford added.
‘Democratizing zero-knowledge computing’
The news that the $40 million round is now closed was shared on Twitter by Blockchain Capital, the San Francisco-based firm known as one of the oldest and most active investors in the crypto ecosystem.
According to Blockchain Capital, RISC Zero is “democratizing zero-knowledge computing” through the use of cryptography.
“As we look to a future where zero-knowledge computation is widespread, the possibilities for innovation are boundless. RISC Zero’s Bonsai network […] will democratize ZK computation and empower developers to create secure, private, and trustless applications in various domains,” the venture investor further said about the project.
In addition to Blockchain Capital, the round was joined by Bain Capital Crypto, Galaxy Digital, IOSG Ventures, RockawayX, Maven11, Fenbushi Capital, Delphi Digital, Aglaé Ventures, IOBC Capital, Tribute Labs’ zeroDAO, and Alchemy.
In August of last year, RISC Zero raised $12 million in a seed funding round led by Bain Capital Crypto.
The latest funding round is another example of a crypto-native firm that is bucking the trend of declining VC investments into the crypto sector.
Other firms that have had some success in raising money recently include the crypto VC firm CoinFund, which this week said it had raised $158 million for a new crypto seed fund.
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