Chain Reaction Raises $70 Million to Disrupt Blockchain and Privacy Compute
Chain Reaction, a semiconductor company focused on disruptive blockchain and privacy hardware, today announced that it has raised $70 million in its Series C funding round led by Morgan Creek Digital, with participation from Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and BlueRun Ventures.
The new round brings total funding to $115 million and will be used to expand the engineering and development teams, which have grown to 100 full-time employees, including top talent from Nvidia, Mellanox, Israeli Intelligence and TSMC. The round will accelerate the development of enterprise-grade blockchain solutions - application-specific integrated circuits (ASICs) and systems. It will also scale Chain Reaction's privacy technology solutions, which include the development of cloud data center infrastructure to accelerate privacy enhancing technologies (PETs).
"Enabling real-time computation on encrypted data is the holy grail of cloud computing. Chain Reaction is on the cusp of making this a reality by accelerating PETs," said Alon Webman, co-founder and CEO of Chain Reaction. "Our technology will enable enterprises and governments to modernize their computing infrastructure by moving private data to the cloud."
The additional investment ensures that Chain Reaction can continue to focus on developing and delivering products for its two target markets. It is driving high-performance hardware for blockchain and privacy in the data center and cloud, and creating cutting-edge solutions for markets that are still in their infancy.
"We fully expect Chain Reaction's blockchain products will become the new industry standard in blockchain compute infrastructure, laying the foundation for all future sustainable blockchain technologies" said Mark Yusko, CEO and CIO of Morgan Creek Capital Management and Managing Partner of Morgan Creek Digital. "Blockchain is the key to securing democracy, decentralization, and freedom, but it is compute intensive. Chain Reaction's products will shore up the value of predominant blockchain technologies and revolutionize use-cases for blockchain technologies in the not-so-distant future."
Pasha Romanovski, Founding Partner at Hanaco Ventures, said of Chain Reaction's Series C round, "Hanaco has believed in Chain Reaction from the get-go. We saw the potential of combining experience and expertise in analog and system design with algorithms and cryptography to engineer the future of compute infrastructure. This is just the beginning from Chain Reaction, as they make great strides in disrupting the traditional and complex market of data center, cloud, and through to edge computing hardware infrastructure."
Chain Reaction anticipates general availability of its first blockchain hardware chips and systems in the first quarter of 2023.