QEDIT, an enterprise solution for preserving data privacy using Zero-Knowledge proofs, has raised $10 million in its Series A funding round. The round was led by MizMaa Ventures, with participation from Ant Financial, RGAX, Meron Capital, Collider Ventures, Jovono and Target Global.
Founded in 2016, QEDIT helps businesses accelerate trust with Zero-Knowledge Blockchain, a protocol which combines enterprise blockchain with Zero-Knowledge Proof cryptography. The company allows clients to can keep their data private and at the same time share proofs about these data with partners, and even with competitors in their ecosystem. It also enables running audit queries, such as credit and risk scoring, without revealing the underlying private data used to calculate the score.
QEDIT said that the latest funding will be used to continue to improve upon its privacy protocol and to expand their sales and partnerships team. The company will also work with leading enterprises within cloud computing, FinTech, and insurance to expand the reach of its products.
“Closing our investment round at USD 10 million is a significant vote of confidence from leading investors,” said Jonathan Rouach, CEO and Co-founder of QEDIT. “Developing partnerships that showcase the QEDIT privacy layer is key to achieving our overarching goal of boosting blockchain adoption among enterprises globally. Our partners share our vision for blockchain innovation to deliver higher levels of privacy and security. As such, these partnerships are a natural fit for QEDIT’s privacy solution for enterprise blockchain.”
As part of their investments, VMware, Ant Financial, and RGAX will work with QEDIT to explore applications of QEDIT’s privacy solution in their respective industries. According to Rouach, these partnerships will help QEDIT showcase the value that Zero-Knowledge Proof cryptography can offer on an enterprise level, across different industry verticals.
“Ant Financial shares a common vision with QEDIT to protect data privacy and security,” said Geoff Jiang, VP, GM of Technology and Business Innovation Group of Ant Financial. “Robust privacy measures are critical to the ongoing development of the wider finance sector. Together with QEDIT, Ant Financial is committed to providing such capabilities as part of our blockchain services.”
“VMware’s work with QEDIT represents an exciting moment for VMware Blockchain, our enterprise blockchain platform,” said David Tennenhouse, Chief Research Officer of VMware. “QEDIT’s privacy solution augments VMware Blockchain’s consensus engine, by providing advanced technologies required to enable trusted information-sharing across organizational boundaries, while aiming to uphold the highest privacy and security standards for our customer base.”
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