Arcium Secures $5.5M for Encrypted Calculations Platform

Arcium, a Web3 startup, recently secured $5.5 million in a strategic round led by Greenfield Capital, bringing their total fundraising to $9 million.

In a strategic round headed by Greenfield Capital, Arcium, a Web3 startup, raised $5.5 million to provide developers and decentralized apps with a framework for encrypted calculations that is customizable and minimizes trust. 

Along with Solana co-founder Anatoly Yakovenko and Monad co-founder Keone Han, other participants in the fundraising included Coinbase, Heartcore Capital, Longhash VC, L2 Iterative Ventures, Staking Facilities, Smape Capital, and Everstake.

According to a media report, the most recent investment round has raised a total of $9 million.

With the extra money, Arcium plans to speed up the development of their platform, which uses homomorphic encryption, multi-party computations (MPCs), and zero-knowledge (ZK) proofs to keep computations on encrypted data safe.

Yannik Schrade, Julian Deschler, Nicolas Schapeler, and Lukas Steiner founded Arcium. This group was also responsible for founding the ZK privacy protocol, Elusiv, which was based in Solana.

The team is putting in more work on “confidential computing” by creating a protocol for encrypted computation that can be checked. This is to help with the quickly growing Web3 areas of real-world asset tokenization (RWA), decentralized finance (DeFi) applications, and decentralized physical infrastructure networks (DePINs).

In response to the news, Yannik Schrade, co-founder and CEO of Arcium, stated that his business “melds data confidentiality with seamless, fully parallelized execution” in describing their method for data encryption.

Before launching the mainnet, Arcium intends to release two testnet versions: a public testnet and a private, incentive-driven testnet that is now accepting applications.