Israel-based StarkWare ad on November 16 via Twitter that he had raised $ 50 million in a Series C funding round, and that the company’s valuation is now $ 2 billion. Sequoia Capital was the top investor, among other contributors. Seven months ago, StarkWare raised $ 75 million in Series B funding led by Paradigm.
We are excited to announce our Series C of $ 50M at $ 2B.
A big thanks to our lead investor, @sequoia, our wonderful follow-on investors, and the dozens of ecosystem partners and collaborators who participated in this round, for their vote of confidence in our products and tech. pic.twitter.com/CuaeMSf2s6
– StarkWare (@StarkWareLtd) November 16, 2021
We are delighted to announce our $ 50 million Series C, which brought us to $ 2 billion.
Many thanks to our lead investor, our wonderful follow-up investors, and the dozens of ecosystem partners and collaborators who have participated in this round, for their vote of confidence in our products and technology.
This news comes before the release of StarkNet Alpha 2, an update of your technology Zero-Knowledge Rollup, or ZK-Rollup, on the Ethereum mainnet, which is currently scheduled for rollout in late November. The company said that StarkNet Alpha plans to support the implementation of authorized smart contracts, opening up the technology of scale to whoever wants to build on it.
StarkWare is among the few layer two scaling protocols for Ethereum that have recently risen in adoption despite the rise in gasoline prices. Its StarkEx L2 scalability engine has enabled partners, such as the dYdX trading platform, send on-chain transactions in ZK-Rollups. This minimizes commercial rates by reducing the amount of gas. The dYdX exchange recently launched a governance token, DYDX, and its airdrop surpassed $ 100,000 for the most active users.
There are two main types of accumulated technology, ZK and optimistic accumulations. While optimistic summaries assume that transactions are valid by default and only run calculations, ZK summaries generate zero knowledge proofs to validate transactions and push those proofs to the Ethereum mainnet on an ongoing basis. With a ZK rollup, validating a block and transferring funds is faster and cheaper because less data is included.
Starkware’s L2 competitor Polygon simultaneously launched its Miden virtual machine powered by zk-STARK for the development of decentralized applications, also known as DApps.
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