StarkWare, an Israeli cybersecurity startup and unicorn that specializes in the development of solutions for enlarging blockchain capacity may soon hit a $6 billion valuation and become a full-fledged super unicorn. According to a report in Calcalist, the company will soon hit that valuation once it closes a new $100 million round of funding.
The news comes just five months after StarkWare first became a unicorn. It did so last November when the company raised $50 million and hit a $2 billion valuation. An anonymous source told Calcalist about the new raise, “As staff we’re hearing that a deal may be cooking, but we’re not getting a clear sense of details. Nobody will be surprised if there is another big valuation.”
This is the third big unicorn story so far in March for Israel Startup Nation. A unicorn is a startup that achieves a valuation of one billion dollars or more while still privately held. This nickname was coined because obviously such valuations are unusual for a company before an IPO and when it is still raising new funding. Just the other day, Axonius, an Israeli cybersecurity startup, hit a $2.6 billion valuation after raising $200 million. And a week ago, Veev, a tech-driven Israeli real estate developer of modular prefabrication homes, hit the mark with a $400 million raise.
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Founded in 2018 by President Eli Ben-Sasson, CEO Uri Kolodny, chief architect Michael Riabzev and chief scientist Alessandro Chiesa., StarkWare says that it solves the inherent problems of blockchains – scalability and privacy. The company develops a full proof stack, using STARK technology to generate and verify proofs of computational integrity. StarkWare boasts that its cryptographic proofs are zero-knowledge, succinct, transparent and post-quantum secure.
StarkWare says that it allows blockchains to massively scale by relying on cryptographic proofs produced by an off-chain prover running in the cloud, and then verified by an on-chain smart-contract. ZK-STARK proofs reveal no information regarding private inputs and have no trusted setup. Combined with other cryptographic tools, ZK-STARK can be used to completely and provably protect user data.