- The funding will support the development of the tooling needed for developers and businesses to deploy their own blockchains and decentralized applications
Horizen Labs, a blockchain technology company that enables the efficient development of fully programmable blockchains that are secure, scalable, and cost-effective, announced the close of a $7 million seed round led by Kenetic Capital. The raise was backed by several elite investor groups including Digital Currency Group, Liberty City, Sound Ventures, Deribit, Artist Capital, Deus, and LionTree.
Following its successful launch and $3.75 million raised in 2019, Horizen Labs has continued on its mission to bring cutting-edge blockchain research and development to real-world use cases. A recent use case involves Horizen Labs’ release of the world’s first and only fully decentralized and privacy preserving automated audit blockchain called zkAudit. zkAudit solves some of the biggest problems in today’s audit process, such as a lack of transparency, slow audit results, and the potential for human error. Horizen Labs leverages the robust infrastructure of the Horizen public blockchain and its proprietary software development kit (SDK) to enable the development of blockchains that are fully programmable with low transaction fees, high throughput, configurable revenue models and can be privacy-enhanced with zk-SNARK technology.
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The funds raised will support the development of the tooling needed for developers and businesses to efficiently and effectively deploy their own blockchains and decentralized applications (dApps). Following the raise, Horizen will continue to grow their team of builders and innovators seeking to carry out Horizen Labs’ mission to bring certainty to the world’s information by providing the best tools that can create blockchain solutions for real-world usage while ensuring information integrity and data privacy, without compromising scalability or security.
“At Horizen Labs we have been building next-generation tools for companies that need highly secure, custom designs. This includes both blockchain companies at the forefront of financial innovation along with more traditional, legacy organizations seeking the benefits of our growing industry,” said Rob Viglione, Co-founder and CEO of Horizen and Horizen Labs. “The raise shows the faith being put into our company — and blockchain technology as a whole — and will enable us to continue building out the tools and technology needed for fully programmable highly effective blockchains and decentralized applications.”
Over the last two years, Horizen Labs has actively worked with partners across many different verticals while helping a variety of third-party enterprises integrate Horizen’s scalability protocol into their businesses.
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“DCG has backed Horizen Labs since its earliest days and we’ve been consistently impressed by the development of the project and the team’s efforts.” said Barry Silbert, founder and CEO of Digital Currency Group (DCG). “Horizen’s novel sidechain technology lets partners and projects harness decentralization to tackle real-world use cases, by deploying apps that are fully-distributed, secure and robust. As the network’s value is displayed, we expect demand for its native token, ZEN, to increase, and tokenholders to be rewarded for their support.”
Horizen’s ecosystem continues to evolve as Zendoo’s deployment on mainnet is slated for the end of Q3. Horizen’s scalability protocol, Zendoo, enables businesses and developers to build their own private or public blockchains and dapps with affordability, flexibility and efficiency unmatched by any other project. Completely decentralized in nature, Zendoo is fully customizable meaning that it’s designed to meet the specific needs of businesses.
