ZK Assurances startup Sukinect has raised $55 million in a round led by Paradigm
Paradigm leads $55 million round for zero-knowledge authentication startup Sukinct.
The funding was for stage seed and Series A rounds.
It has attracted venture firms Robot Ventures and Bankless Ventures and angels Serem Khanan and Sandeep Nilwal from Eigenlayer and Polygon respectively.
Succinct, a crypto startup that wants to make zero-knowledge (ZK) proofs accessible to any developer, has secured $55 million in funding from high-profile venture capital firms.
According to a blog post the startup published Thursday, tech investment firm Paradigm led the financing on Succinct's Seed and Series A round.
The financing attracted participation from Robot Ventures, Bankless Ventures and Geometry. Angel investors include Eigenlayer's Sreeram Kannan, Polygon founder Sandeep Nilwal, Dave Ojha from Osmosis and Celestia founder John Adler.
Making ZK certifications accessible to developers
The Succinct team notes that ZK proofs are gaining a lot of attention in the blockchain ecosystem.
This includes advances in scalability, interoperability and privacy. However, most developers still find ZK validations “too complicated”.
Succinct aims to reduce this barrier by using zkVM, SP1 and a decentralized prover network.
“SP1 is the first 100% open source zkVM implementation to compete with custom ZK circuits,” the developer wrote.
“With SP1, developers can use ZDK in standard programming languages, reuse existing boxes and libraries, and iterate quickly with auditable and maintainable code. “SP1 is a highly optimized general-purpose system that has historically been the only alternative to the implementation of hand-written custom approaches,” the platform said in a blog post.
Celestia, Wormhole, Lido, Near, and Gnosis are among the blockchain networks currently using Succinct's infrastructure to build their ZK-enabled applications.
