RISC Zero, a startup specializing in zero-knowledge (ZK) proof software, has raised an impressive $40 million in a Series A funding round. This funding was led by Blockchain Capital, a renowned crypto-focused investment firm. RISC Zero plans to utilize this significant capital injection to launch its groundbreaking Bonsai computing platform.
Bonsai is an innovative platform designed to simplify coding for developers. It handles the complexities associated with proof orchestration and server infrastructure, allowing developers to focus solely on coding their applications. RISC Zero believes that Bonsai will provide developers with access to massively parallel ZK-proving functionality, irrespective of their programming language or blockchain of choice.
Brian Retford, CEO & co-founder of RISC Zero, expressed his sincere gratitude for the support received from investors who share his firm’s vision of transforming computing capability. He emphasized RISC Zero’s excitement about contributing to the development of a more open and reliable foundation for the future of the internet.
Blockchain Capital, a long-standing and active investor in the crypto ecosystem, used Twitter to announce the successful closure of the $40 million funding round. They praised RISC Zero for its efforts in democratizing zero-knowledge computing through the use of cryptography. According to Blockchain Capital, RISC Zero’s Bonsai network has the potential to empower developers in creating secure, private, and trustless applications across various domains, thereby fostering innovation.
Numerous notable investors participated in the funding round alongside Blockchain Capital. These include Bain Capital Crypto, Galaxy Digital, IOSG Ventures, RockawayX, Maven11, Fenbushi Capital, Delphi Digital, Aglaé Ventures, IOBC Capital, Tribute Labs’ zeroDAO, and Alchemy. This represents yet another significant achievement for RISC Zero, as they had previously raised $12 million in a seed funding round led by Bain Capital Crypto.
RISC Zero’s recent funding success demonstrates the resilience of crypto-native firms in attracting investments, even in the face of declining VC funding for the crypto sector. CoinFund, another crypto VC firm, is also experiencing fundraising success, having recently secured $158 million for a new crypto seed fund.
With the $40 million raised in this Series A funding round, RISC Zero is well-positioned to launch its Bonsai computing platform. This platform aims to revolutionize the development process for applications by simplifying the complexities associated with proof orchestration and server infrastructure. Supported by a diverse group of investors, RISC Zero is paving the way for secure, private, and trustless applications across various domains. The success of RISC Zero in raising funds showcases the resilience of the crypto-native firms and their ability to attract investments, even in a challenging funding environment. As the crypto sector continues to evolve, these companies are playing a significant role in shaping the future of technology and innovation.