Emerging from stealth, chip company boasts world-class design team, develops energy efficient hardware acceleration
TEL AVIV, Israel, Feb. 23, 2023 /PRNewswire/ — Chain Reaction, a semiconductor company focused on disruptive blockchain and privacy hardware, announced today that it raised $70 million in its Series C funding round led by Morgan Creek Digital and 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 expedite deployment of enterprise-grade blockchain solutions – Application Specific Integrated Circuits (ASICs) and systems. It will also scale Chain Reaction’s privacy tech solutions involving the design of cloud data center infrastructure to accelerate privacy enhancing technologies (PETs).
“Enabling real time compute 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 enterprise and government to modernize compute infrastructure by moving private data to the cloud.”
The additional investment ensures that Chain Reaction can continue focusing on crafting and delivering products for its two target markets. Driving high-performance hardware for blockchain and privacy in data center and cloud, creating bleeding-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.
To learn more about Chain Reaction, visit www.chain-reaction.io.
About Chain Reaction
Chain Reaction is engineering the future of disruptive blockchain and privacy technologies. We accelerate compute performance, enabling companies to adopt and scale solutions to the world’s most complex problems. Partnering with cloud and data centers, we transform compute infrastructure, with custom ASICs and systems that optimize for low-power, high-performance compute. Our 3PU™ (Privacy Preserving Processing Unit) dramatically accelerates real-time operations of PETs on encrypted data, transforming the cloud into a trusted environment. We enable verticals that rely on confidential big data to use the cloud, including financial institutions, health care & big pharma, defense & government, and oil & gas. Purpose-built and custom-designed, our solutions power the next generation of secure, scalable, green computing, to help protect people, privacy, and the planet.
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SOURCE Chain Reaction