While expectations for the future of cryptocurrencies are rising, many projects and platforms continue to raise million-dollar funds.
In this context, Zama, a leading cryptography technology company, recently raised $73 million to develop fully homomorphic encryption.
Zama has raised a mega $73 million in a Series A round of funding co-led by Multicoin Capital and Protocol Labs, the company behind decentralized file storage network Filecoin.
Other investors included notable names such as Filecoin (FIL) founder Juan Benet, Solana (SOL) co-founder Anatoly Yakovenko, and Ethereum (ETH) co-founder and Polkadot (DOT) co-creator Gavin Wood.
It was stated that the $73 million financing collected would be used for the company's ambitious expansion plans, while a significant portion of the funds would be allocated to further develop Zama's cryptography technology and ensure that it remains at the forefront of the industry.
A portion of the funds will also be allocated to support customer support services.
Speaking to The Block, Zama co-founder and CEO Rand Hindi said that the massive $73 million financing round is one of the largest rounds ever for a French company, not only in the cryptocurrency industry, but across all sectors.
The CEO declined to comment on the company's valuation.
*This is not investment advice.