Israeli semiconductor company Chain Reaction today announced the completion of a $70 million Series C financing round led by Morgan Creek Digital with participation from Hanaco Ventures, JVP, KCK Capital, Exor, Atreides Management, and Blue Run Ventures. The latest round brings the total amount of funding raise by Chain Reaction to $115 million
With offices in Tel Aviv and Yokneam and 107 employees, the semiconductor company focuses on disruptive blockchain and privacy hardware. The company was founded by CEO Alon Webman and CTO Oren Yokev.
The latest funding will be used to expand the engineering and development teams, and 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).
Webman said, "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. Our technology will enable enterprise and government to modernize compute infrastructure by moving private data to the cloud."
Chain Reaction says its first blockchain hardware chips and systems in the first quarter of 2023.
Published by Globes, Israel business news - en.globes.co.il - on February 23, 2023.
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