Blockchain know-how builder StarkWare Industries raised $100 million in a Sequence D funding spherical that upped the startup’s valuation to $8 billion.
The Sequence D was led by Greenoaks Capital and Coatue, with participation by Tiger International and different new and present traders. The most recent funding follows Starkware’s $50 million Sequence C six months in the past that valued the corporate at $2 billion.
“It is a vote of confidence for the tech stack we’ve constructed, which makes blockchain scalable for mass use, and cuts transaction charges incurred by customers,” StarkWare Co-founder and CEO Uri Kolodny stated in a Wednesday (Might 25) press release.
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“The maths-based know-how we’ve rolled out, often known as STARKs, will serve companies and the crypto neighborhood by thick and skinny. We’re inspired that VCs are signaling their sturdy assist, even within the midst of a bear market,” Kolodny added.
StarkWare is utilizing STARKs, developed by firm Co-founder and President Eli Ben-Sasson and different laptop scientists, to make the blockchain extra environment friendly to make use of. The corporate stated that its know-how reduces charges and makes blockchain transactions sooner. The maths-based tech additionally allows scaling with out dilution to the unique model, per the press launch.
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StarkEx, the startup’s first platform, has been in use for 2 years and nonetheless handles extra transactions than bitcoin, the corporate stated. Transactions are compressed utilizing STARKs earlier than including them to the Ethereum blockchain.
“Tomorrow’s tech and financial system can be closely primarily based on blockchain, and completely everybody growing it wants an answer to the congestion and excessive transaction charges we see right now,” Ben-Sasson stated.
“We’re delivering this to purchasers through StarkEx, which is saving them thousands and thousands of {dollars} in transaction charges weekly and opening up new potentialities for them. However we would like everybody to have the ability to use our tech, so we’re constructing and consistently bettering StarkNet, within the hope it’s going to empower any developer to construct ultra-efficient blockchain apps,” Ben-Sasson added.
