Chain Reaction, an Israeli semiconductor startup focused on “disruptive” blockchain and privacy hardware, came out of stealth mode with a $70 million raise in a Series C round of funding led by Morgan Creek Digital with participation from Hanaco Ventures, JVP, KCK Capital, Exor, Atreides Management, and Blue Run Ventures. The company has now brought in a total of $115 million to date, so at least there is some good news these days for Startup Nation Israel which seems to be seeing more cutbacks and layoffs than new investments these days.
Founded in 2019 by CEO Alon Webman and CTO Oren Yokev, Chain Reaction boasts that they are engineering the future of disruptive blockchain and privacy technologies. The firm says that is can accelerate compute performance, enabling companies to adopt and scale solutions to the world’s most complex problems. Partnering with cloud and data centers, Chain Reaction says that it transforms compute infrastructure with custom ASICs and systems that optimize for energy efficient, high-performance compute.
Chain Reaction’s 3PU (Privacy Preserving Processing Unit) accelerates real-time operations of Privacy Enhancing Technologies on encrypted data, “transforming the cloud into a trusted environment, enabling verticals that rely on confidential big data to use the cloud (including financial institutions, healthcare & big pharma, defense & government, and oil & gas).”
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Chain Reaction has 107 employees between two offices, one in Tel Aviv and the other in Yokneam.
Alon Webman, co-founder and CEO of Chain Reaction, told Reuters that the company will start mass producing its blockchain chip Electrum in the first quarter this year. He said the chip is designed to carry out blockchain operations called “hashing” very fast and power efficiently and also can be used for mining digital currencies like bitcoin.
“Enabling real time compute on encrypted data is the holy grail of cloud computing,” said Webman. “Chain Reaction is on the cusp of making this a reality by accelerating PETs. Our technology will enable enterprise and government to modernize compute infrastructure by moving private data to the cloud.”