Chain Reaction, a semiconductor company focused on disruptive blockchain and privacy hardware, has raised $70 million in a Series C funding round. The round was led by Morgan Creek Digital and included participation from Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and BlueRun Ventures.
The new round brings the company’s total funding to $115 million.
Chain Reaction plans to use the funding to expand its engineering and development teams, which have grown to 100 full-time employees, and to expedite the deployment of enterprise-grade blockchain solutions such as Application Specific Integrated Circuits (ASICs) and systems.
The round will also help the company scale its privacy tech solutions involving the design of cloud data center infrastructure to accelerate privacy enhancing technologies (PETs).
The investment ensures that Chain Reaction can continue to focus on crafting and delivering products for its two target markets: driving high-performance hardware for blockchain and privacy in data center and cloud, and creating bleeding-edge solutions for markets that are still in their infancy.
Chain Reaction anticipates general availability of its first blockchain hardware chips and systems in the first quarter of 2023.
The company’s technology will enable enterprise and government to modernize compute infrastructure by moving private data to the cloud.
Chain Reaction’s co-founder and CEO, Alon Webman, said that the company is on the cusp of enabling real-time compute on encrypted data, which he called the holy grail of cloud computing.
The company’s products will shore up the value of predominant blockchain technologies and revolutionize use-cases for blockchain technologies in the not-so-distant future, said Mark Yusko, CEO and CIO of Morgan Creek Capital Management and Managing Partner of Morgan Creek Digital.
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