Quick take:
- The fundraising brings the total raised to $15 million following a $2.5 million announced in August 2023.
- The company offers a zero-knowledge proofs-powered platform that allows users to verify their information without sharing actual data.
- zkPass plans to expand its team across engineering, marketing and business development functions.
zkPass has closed a $12.5 million Series A round backed by dao5, Animoca Brands, Flow Traders, Amber Group, IOBC Capital, Signum Capital, MH Ventures and WAGMI Ventures.
The fundraising was structured as a simple agreement for future tokens (SAFT) and brought the total raised to $15 million, following the company’s $2.5 million seed round announced in August 2023.
zkPass is building a zero knowledge-powered data verification protocol that allows users to verify specific information without sharing actual data.
Some of the applicable use cases for zk proof-based data verification protocols include verifying identity, financial records and driver information as recently reported in zkPass’s closest rival Opacity Network’s announcement earlier this week.
The verified information can then be shared with various entities like lending platforms to issue loans or AI models for research.
Commenting on the announcement, Bing Jiang co-founder and CTO of zkPass told The Block, “Right now, we have over two million proofs generated from 70+ web data sources. ZK-based technology is still at such an early stage that we believe the vast majority of opportunity lies ahead — not just for our firm, but for the industry as a whole.”
zkPass plans to use some of the fresh capital to expand its team engineering, marketing and business development functions.
Jiang said the new fundraising valued zkPass at $100 million. The company plans to launch its native token in the first quarter of 2025.
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