Zkpass Realizes Over $12 Million in Series A Financing
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Zkpass, a privacy-focused data verification company, has raised more than $12 million in a Series A financing. With this new investment, the company now has a total token valuation of $100 million.
The funds were raised using a Simple Agreement for Future Tokens (SAFT). However, with the date set aside for token distribution to investors to be Q1 of 2025, the funding program started in 2023 and ended in May 2024.
Jiang Bing, one of the company’s co-founders and CTO, in his statement, reveals the equal manner in which each investor contributed in the round. To this end, the investors in this funding round include Dao5, Animoca Brands, Flow Traders, Amber Group, IOBC Capital, Signum Capital MH Ventures, and WAGMI Ventures.
However, the Series A round is completed, and with the backing of investors like Binance labs, Sequoia China, and OKX Ventures, the firm is now in possession of $15 million in total; this includes the seed round around August 2023.
What Does Zkpass Do?
With over 70 data sources and more than two million proofs, Zkpass is a company that uses zero-knowledge proofs (ZKPs) to allow individuals to confirm some information without revealing personal data. However, the services rendered are related to the generation of proof from banks or social media accounts to confirm the duration of usage or ownership without divulging sensitive information.
To this end, it is believed that Zk technology holds great potential both for the company and the industry, as the process is still in its early period.
Zkpass and Industry Competition
Presently, Zkpass can boost a team of 26 staff and expand plans for hiring engineers, marketers, and business developers. Obviously, there has been increasing demand for privacy-oriented solutions. This was seen in Zkpass’ competitor, Opacity Labs action.
Recently, Opacity Labs realized $12 million in a seed round led by Archetype and Breyer Capital to support its own ZKP-based data verification platform, called Opacity Network.
In conclusion, this funding underscores a crucial step for Zkpass in preparation for future growth and market competitiveness.
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