You are currently viewing Chipmaker Ingonyama Completes a $20 Million Seed Financing
Image used for information purpose only. Picture Credit:

Chipmaker Ingonyama Completes a $20 Million Seed Financing

One of AI21 Lab’s principal investors, Walden Catalyst, led the round, which also includes participation from venture capital firms Blue Yard Capital and Geometry.

The semiconductor startup Ingonyama said that its seed round had brought in $20 million. Leading VC firm Walden Catalyst led the round, which also featured notable investors for AI21 Labs, including Samsung Next, Sentinel Global, the German BlueYard Capital, London-based Geometry, and more. Numerous businesses involved in the round, such as the Israeli startup StarkWare, mostly rely on zero-knowledge proof technology for their goods.

“We selected investors who have knowledge of the encryption industry. “We are creating technology that makes privacy possible in previously difficult-to-reach areas,” explains Omer Shlomovits, co-founder and CEO of Ingonyama. The third business that Shlomovits has founded is Ingonyama. His first was the cryptocurrency startup Zango, where he spent four years and is currently employed. There, I worked with open-source technology and cryptography. I’ve learned after four years that I’m better suited for the first stage,” he explains.

The firm was created in 2022 by Shlomovits, a serial entrepreneur and graduate of the elite IDF intelligence Unit 8200, CTO Michael Asa, and VP R&D Danny Sterman, senior engineers with years of expertise in the chip sector. The company has roughly 25 employees at its Petah Tikva office.

Next-generation semiconductors are produced by Ingonyama. The initial product from the company is a programmable parallel computing processor, akin to a GPU, but made especially for completely homomorphic encryption and zero-knowledge proofs in advanced cryptography. The business is working with GPUs to create open-source software that effectively runs the same cryptography until the chip is available.

Read More: Click Here