Quick take:
- Finality Capital Partners, Bodhi Ventures, Escape Velocity and A16z’s startup accelerator (CSX) also joined the round.
- Opacity Network blends a suite of technologies that include zero-knowledge proofs, multiparty computation and actively validated services to verify data.
- The company has already onboarded the likes of Nosh and Teleport, which are using the platform to verify driver information.
Opacity Network has announced a $12 million seed round led by Archetype and Breyer Capital. The fundraising also attracted participation from Finality Capital Partners, Bodhi Ventures, Escape Velocity and A16z’s startup accelerator (CSX).
The fundraising was structured as a simple agreement for future equity (SAFE) with a valuation cap and token warrants, co-founder Hersh Patel told The Block.
Opacity Network’s platform is powered by a blend of technologies that includes a zero-knowledge proof-based transport layer security (zkTLS), a multi-party computation architecture, and EigenLayer’s actively validated service (AVS), allowing users to verify and provide data on-chain without compromising their security and privacy.
For instance, Nosh, which allows drivers and restaurants to transport their existing reputations from “monopolistic” rails to on-chain platforms is using Opacity Network to verify driver information. Teleport, a ride-sharing app built on Open Protocol is also using the platform to verify driver information.
Patel said the company is working on more partnerships with the likes of Heale, which is building a unified API for logistics and Earnifi, a payroll verification platform.
Commenting on his company’s co-leading role in the round, Dmitriy Berenzon, partner at Archetype, said in a statement, that with Opacity Network, developers can bring “verifiable data from any web2 source on-chain” thus “[removing] the barriers to entry for bootstrapping new platforms and onboarding new user.”
Opacity Network’s other co-founder Aaron Marz is wary that some large platforms may not want their users to verify their data but believes the benefits of using verified user data will appeal to all companies eventually, and not just the crypto-native platforms.
“Because the value of data locked behind walled gardens is so significant, we expect a Cambrian explosion of new use cases to be unlocked from our partners,” Marz told The Block.
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