Multicoin Capital and Protocol Labs spearheaded this enormous investment, with noteworthy support from Metaplanet, Blockchange, VSquared, Stake Capital, and Portal Ventures. Furthermore, a number of prominent personalities from the blockchain and artificial intelligence sectors have joined as strategic investors, including Tarun Chitra of Gauntlet, Anatoly Yakovenko of Solana, Julien Bouteloup of StakeDAO, Juan Benet of Filecoin/IPFS, and Gavin Wood of Ethereum/Polkadot.

Zama's goal is to use FHE, which is frequently referred to as the "holy grail" of cryptography, to completely encrypt the internet. Zama has made tremendous progress in the practical use of FHE four years after its founding. FHE was mainly theoretical at first and had several problems with speed, cost, and complexity. But thanks to the team's unwavering work, these issues have been resolved, opening up FHE to developers without extensive experience in cryptography for the first time.

The business offers an extensive collection of FHE libraries and solutions that are open-source. End-to-end encrypted applications can be implemented by everyone, from major organizations to lone developers, thanks to these tools. Zama's FHE scheme, which is based on TFHE, is highly applicable in a variety of sectors due to its broad support for a wide range of applications.

With the additional funds, Zama intends to quicken its research and development efforts, concentrating on improving the functionality and performance of its FHE solutions. With plans to soon surpass a 100x increase, the company has already improved the speed of their FHE scheme by 20 times. This enhancement is essential to decrypt private blockchain and artificial intelligence use cases. Zama also expects the release of hardware accelerators specifically designed for FHE, which would further facilitate web-scale applications, such as encrypted Software-as-a-Service (SaaS) and private Large Language Models (LLMs).