Funding marks company’s debut to support the development of privacy-focused blockchain infrastructure and innovation
Demox Labs, a pioneer in the creation of zero-knowledge technology, announced it has raised a $4.5 million pre-seed funding round and debuted Leo Wallet, a first-of-its-kind privacy-focused cryptocurrency wallet for use with the Aleo blockchain. The funding round was led by HackVC with participation from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea, and CSquared. The funding will be used to support the creation of zero-knowledge blockchain infrastructure for enterprises, deploy privacy-based frameworks for innovative developers, and advance Leo Wallet’s privacy technology and interoperability with other blockchains.
Zero-knowledge proofs (ZKP) allow a piece of information to be verified as true without revealing the information itself through the use of complex encryption. The applications of this technology include digital identity protection, privacy-preserving transactions, shielded transactions, global compliance, and ownership verification.
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“Personal privacy and sovereignty are cornerstones to any democracy. Today, citizens across the world are losing their privacy in order to comply with necessary laws and regulations. Moreover, modern technologies require personalization but this personalization has come with the cost of sacrificing personal privacy. Leo Wallet is just one example of how ZKP will empower individuals to use modern technologies and maintain legal and regulatory compliance without sacrificing personal privacy,” said Barron Caster, CEO and co-founder of Demox Labs. “We’re eager to bring this much-needed level of privacy to blockchain infrastructure, starting with Leo Wallet. Sharing sensitive data will soon become an option, not a requirement, and businesses in highly regulated industries will be able to innovate while maintaining the privacy of their customers.”
Leo Wallet was built from the ground up for zero-knowledge blockchains and had more than 40,000 customers signed up on the waitlist when it was made available for download and use on the Aleo blockchain. Users now have the ability to generate ZKPs directly in their browsers which guarantees complete confidentiality and empowers developers to create innovative, privacy-first programs.
The $4.5 million funding round will be used to further Demox Labs’ mission to increase control and protection of sensitive information through the use of ZKPs. This includes the support of Leo Wallet and its compatibility with other privacy-focused blockchains, creating new privacy frameworks for developers, and supporting the development of zero-knowledge technology for enterprises. A portion of the round was funded by notable investors in the crypto and blockchain industries including Santiago Santos, Sriram Krishnan, Ryan Selkis, OpenSea, Space Whale, and venture decentralized autonomous organizations (DAOs): HoneyDAO and AngelDAO.
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“The introduction of blockchain technology and popular cryptocurrencies ushered in a new era of financial independence and now ZKP-based technology and infrastructure will push consumers and companies into a new era of information privacy. The technology being developed today by Demox Labs makes them one of the first to recognize the importance of privacy and act on the capabilities of ZKP for both the public and enterprises.” said Ed Roman, managing director of HackVC. “As the need for protection and privacy in the digital era increases, ZKPs will become a more significant technology across many domains. Our investment will enable Demox Labs’ continued growth as a leader in privacy-preserving blockchain technology development and infrastructure.”
Demox Labs’ work to expand ZKP infrastructure and the Leo Wallet unlocks access to an unmatched level of privacy for users of this emerging technology. By improving privacy and security, ZKP technology will increase trust between individuals and institutions which can unlock new levels of economic activity. Leo Wallet was created to initially integrate with Aleo Blockchain, which plans to launch its mainnet later this year. Demox Labs plans to scale Leo Wallet over the coming months for use with other zero-knowledge blockchains.
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