London-based startup Aztec has completed a $100 million (£82 million) Series B funding round led by Andreessen Horowitz’s blockchain investment arm a16z crypto.
Aztec Network is a crypto security startup aiming to provide cryptocurrency for the blockchain network Ethereum. Records of transactions made on the Ethereum network are generally public. According to Aztec, providing privacy on Ethereum fulfills the true intent of decentralized financial technology by removing the need for centralized records.
Aztec CEO Zach Williamson said:
“An end-to-end encrypted blockchain protects individuals and removes the need for a centralized financial system.”
The startup says that unencrypted blockchains expose users to the risk of exposing personal information, making cryptocurrency use unsustainable.
“Cryptography and privacy are essential for the widespread adoption of blockchain, and Aztec is laying the foundation with innovative products such as Aztec Connect and Noir,” said Ali, general partner at a16z crypto. Yahya said.
“We are very excited to lead this round and help their amazing team pursue their goal of building a fully encrypted Ethereum.”
Also participating in the round were A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi and AVG.
The startup says it will use most of the new funding to hire engineers to build the encrypted network. In just one year, the team has grown from seven of him to 40, and with the addition of capital, he hopes to double the size of the team.
The startup’s Series A took place in December 2021 when the company secured $17 million (£14 million). The latest funding comes in a difficult funding environment and follows a difficult year for the crypto industry, most recently rocked by the bankruptcy filing of his crypto exchange FTX.
