Ingonyama Secures $20 Million for New Cryptography Chip

Published: November 10, 2023 at 12:09 am Updated: November 10, 2023 at 12:09 am

Edited and fact-checked:
November 10, 2023 at 12:09 am

Ingonyama, an innovative semiconductor company, has successfully raised $20 million in a seed funding round with key investors such as Samsung Next participating.

The company is developing a programmable parallel computing processor, akin to a GPU, that will specifically accelerate zero-knowledge proofs and fully homomorphic encryption, pushing the boundaries of advanced cryptography.

The funding round attracted notable venture capital funds, including Walden Catalyst, Geometry, Blue Yard Capital, and others, signaling strong market confidence in Ingonyama’s technology. These investors, including those relying on zero-knowledge proof technology like StarkWare, recognize the potential impact of Ingonyama’s work in the field of privacy and security.

Ingonyama with a Vision for Privacy

Omer Shlomovits, CEO and co-founder of Ingonyama and an alumnus of IDF’s elite Unit 8200, has set his sights on creating technologies that enhance privacy in previously vulnerable areas. Shlomovits’ expertise, particularly from his tenure at the crypto company Zango, informs the company’s direction towards facilitating secure and private data transactions.

Ingonyama, founded in 2022 and based in Petah Tikva, boasts a 25-person team with deep roots in the chip industry, including CTO Michael Asa and VP R&D Danny Sterman. The team is currently leveraging GPUs to develop open-source software that efficiently runs the advanced cryptography their chip will eventually support.

Looking Beyond Software to Hardware

The company’s first chip aims to revolutionize the processing of zero-knowledge proofs and encryption by providing a hardware solution that enhances efficiency and security. Shlomovits comments on the ongoing interest from investors, even amidst the backdrop of war, indicating the sector’s resilience and the critical nature of cybersecurity.

Ingonyama’s technology strives to enable secure sharing of sensitive data like hospital records, ensuring confidentiality in sectors where privacy is crucial. Shlomovits also emphasizes the company’s commitment to providing a supportive structure for employees during challenging times, reflecting the company’s human-centric approach amidst its technological advancements.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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