StarkWare Industries, inventor of technology to make blockchain scalable for mass adoption, announced on Wednesday that it has raised $100M at a valuation of $8 billion.
StarkWare’s Series D funding comes six months after its Series C which valued the company at $2 billion. The new round led by Greenoaks Capital and Coatue, and includes Tiger Global and other new and existing investors. There is a secondary transaction as part of the round, in which employees company-wide are selling stocks.
“This is a vote of confidence for the tech stack we’ve built, which makes blockchain scalable for mass use, and cuts transaction fees incurred by users,” said StarkWare Co-founder and CEO Uri Kolodny.
“The math-based technology we’ve rolled out, known as STARKs, will serve businesses and the crypto community through thick and thin. We’re encouraged that VCs are signaling their strong support, even in the midst of a bear market.”
StarkWare has deployed STARKs, a class of mathematical systems developed by company Co-founder and President Eli Ben-Sasson and other computer scientists, in order to enable far more efficient use of blockchain.
It cuts fees by reducing the amount of information written to the blockchain. It speeds up transactions by alleviating heavy blockchain congestion. And it provides a way for blockchain to scale without any dilution of its original vision – the math ensures it remains a network that runs with absolute integrity.