Chain Reaction, an Israeli startup specializing in blockchain privacy and technology products, has announced today that it has secured $70 million in Series C funding. The funds will be used to develop the company’s next range of products and expand its engineering team to facilitate the process.
The funding round was led by Morgan Creek Digital, with other capitalists such as Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and BlueRun Ventures participating.
Chain Reaction is currently developing products it intends to release this Q1. These products include Application Specific Integrated Circuits (ASICs) and cloud data infrastructure solutions for running privacy-enhanced technologies.
According to Reuters, Alon Webman, the co-founder and CEO of Chain Reaction, said the company will begin mass production of Electrum, its blockchain chip, in the Q1 of 2023. Electrum is designed to carry out hash operations on the blockchain efficiently and can be used for mining digital assets, including Bitcoin and Dogecoin. The chip is slated for launch in 2024.
Webman has experience in building chips as he has designed over 30 chips. He also co-founded Mellanox Technologies Limited, a firm that supplies computer networking products and was sold for $7 billion to Nvidia, an American software company, in 2020.
Webman is confident Chain Reaction will gain ground in the blockchain chip industry. He highlighted different sectors, such as the government and defense, which cannot move data to the cloud due to the fear of malicious attacks and their need to encrypt data before operating on the cloud. He believes that Chain Reaction could solve that problem by producing a chip that allows them to work on encrypted data in the cloud.
Pasha Romanovski, a founding partner of Hanaco Ventures, said that he believes in Chain Reaction and the solutions they are building to enable privacy in a digital world. He sees potential in combining analog and system designs with algorithms and cryptography to begin the future of computing infrastructure. In his words: “This is just the beginning for Chain Reaction.”
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