Blockchain co Starkware raises $100m at $8b valuation

Starkware founders Eli Ben-Sasson and Uri Kolodny Credit: Nataly Shor
Starkware founders Eli Ben-Sasson and Uri Kolodny Credit: Nataly Shor

The Israeli company, which provides a cryptographic compression service, has quadrupled its valuation in the past six months.

Israeli blockchain company Starkware has announced the completion of a $100 million Series D financing round led by Greenoaks Capital and Coatue, with participation from Tiger Global. This latest round, at a company valuation of $8 billion, comes just six months after the Netanya-based company's Series C Round at a valuation of $2 billion.

Starkware cofounder and president Eli Ben-Sasson told "Globes," "Pricing is a function of supply and demand, exactly like apartments in Tel Aviv." The company's cofounder and CEO Uri Kolodny added, "We feel very comfortable about the valuation and are grateful to our investors."

Although the company operates in the cryptocurrency field that has been hit hard recently, the financing round has been closed as planned. Starkware provides a cryptographic compression service that allows blockchains to scale by orders of magnitude thus solving one of the biggest problems in the cryptocurrency sector - the need for huge computer power. The service is based on a class of cryptographic technologies, known as STARK proofs, which was invented by Ben-Sasson with other computer scientists.

Published by Globes, Israel business news - en.globes.co.il - on May 25, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

 
Starkware founders Eli Ben-Sasson and Uri Kolodny Credit: Nataly Shor
Starkware founders Eli Ben-Sasson and Uri Kolodny Credit: Nataly Shor
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