Tel Aviv, Israel (ots/PRNewswire) - * Series D valuation of $8
billion comes on the heels of a $2
billion valuation just six months ago.
* StarkWare processes more transactions than Bitcoin, and is the
leading 'scaling' solution for crypto projects trying to overcome
the fact that blockchain is congested, and expensive to use.
* Deal was closed in the thick of a crypto bear market. Company
this emphasizes high investor confidence in its tech, which is
'infrastructure we've all been waiting for to move to Web3.'
StarkWare Industries, inventor of technology to make blockchain
scalable for mass adoption, announced on Wednesday that it has raised
$100M at a valuation of $8 billion.
StarkWare's Series D funding comes six months after its Series C
which valued the company at $2 billion. The new round led by
Greenoaks Capital and Coatue, and includes Tiger Global and other new
and existing investors. There is a secondary transaction as part of
the round, in which employees company-wide are selling stocks.
"This is a vote of confidence for the tech stack we've built, which
makes blockchain scalable for mass use, and cuts transaction fees
incurred by users," said StarkWare Co-founder and CEO Uri Kolodny.
"The math-based technology we've rolled out, known as STARKs, will
serve businesses and the crypto community through thick and thin.
We're encouraged that VCs are signaling their strong support, even in
the midst of a bear market."
StarkWare has deployed STARKs, a class of mathematical systems
developed by company Co-founder and President Eli Ben-Sasson and
other computer scientists, in order to enable far more efficient use
It cuts fees by reducing the amount of information written to the
blockchain. It speeds up transactions by alleviating heavy blockchain
congestion. And it provides a way for blockchain to scale without any
dilution of its original vision – the math ensures it remains a
network that runs with absolute integrity.
StarkEx handles more transactions than Bitcoin
StarkWare's first platform, StarkEx, in use for two years, today
handles more transactions than Bitcoin. It compresses them using
STARKs, before adding them to the Ethereum blockchain.
Businesses in finance and NFTs use StarkEx to overcome the problem of
crippling congestion on blockchain, which causes delays and high
transaction fees. Blockchain use is made cheaper and faster.
Applications have used StarkEx to facilitate transactions of more
than half a trillion dollars ($500,000,000,000). And since the NFT
market sprung to life in 2021, it became hugely popular for
facilitating minting and trading NFTs, making minting 20,000 times
cheaper than transacting directly on Ethereum. The public benefits
from StarkWare's NFT services via fantasy soccer game Sorare and via
the carbon-neutral platform Immutable X.
StarkEx scales some of the biggest crypto success stories, including
the finance platform dYdX. Numerous other blockchain projects are
preparing to onboard to StarkEx in the coming months, including
long-established companies that are looking to move into crypto.
Tech to make Web3 a reality
In late 2021 StarkWare made a move that propelled its technology to
the heart of the Web3 revolution. Instead of reserving it for StarkEx
clients, it created the StarkNet Alpha platform, which is constantly
evolving, where any developer can use it to build blockchain apps.
Eli Ben-Sasson, Co-founder and President at StarkWare, said:
"Tomorrow's tech and economy will be heavily based on blockchain, and
absolutely everyone developing it needs a solution to the congestion
and high transaction fees we see today.
"We're delivering this to clients via StarkEx, which is saving them
millions of dollars in transaction fees weekly and opening up new
possibilities for them. But we want everyone to be able to use our
tech, so we are building and constantly improving StarkNet, in the
hope it will empower any developer to build ultra-efficient
'A blockchain building boom is starting'
Ben-Sasson added: "StarkNet will be the infrastructure we've all been
waiting for to move to Web3, a blockchain-based network as big as the
internet, from the realm of science fiction to reality.
"The vision is that as it evolves, StarkNet will enable anyone who
ever built a website can use StarkNet to construct a blockchain app
that will be part of the Web3 revolution, pioneering new and exciting
uses for blockchain. There's a huge global community of StarkNet
developers, who now have the tools to start a blockchain building
boom that will soon make blockchain apps as mainstream as smartphone
apps. In time, this community won't just use StarkNet, but will also
run the platform."
Ben-Sasson was referring to the next stage in StarkNet's evolution.
While StarkWare will continue to offer a blockchain scaling cloud
service via StarkEx, it plans to soon decentralize StarkNet, meaning
it will, like the internet and Ethereum, be controlled by everyone
and by no-one.
In crypto jargon the scaling platforms are known as Layer 2 solutions
to blockchain's scaling bottleneck. They compress information from
transactions into STARK proofs, before they reach the Ethereum
blockchain, Layer 1 — such that transactions are still fully secured
Neil Mehta, Managing Partner at Greenoaks Capital, said: "Unlocking
the full potential of Web3 will require achieving the high throughput
and low fees that users demand. We think Starkware is the best L2
scaling solution in the world, with profound underlying technology, a
burgeoning developer community, and a team that has earned real
credibility through years of research and innovation. StarkWare
already underpins the largest apps in Web3, and we are delighted to
partner with their team as they continue to power many more."
Luca Schmid, General Partner at Coatue, said: "High transaction fees
and limited bandwidth on blockchains are inhibiting the mass adoption
of crypto today. StarkWare is solving this with Validity Rollups that
we believe will allow blockchain apps to serve millions of customers
seamlessly. Coatue is thrilled to partner with Uri, Eli and the rest
of the StarkWare team for the next phase of their journey."
+972 52 685 2055
For media kit click here
StarkWare, a four-year-old startup, offers a cryptographic
compression service which allows blockchains to scale by orders of
magnitude. The service is based on a class of cryptographic
technologies, known as STARK proofs, which was invented by company
President and co-founder Eli Ben-Sasson with other computer
Photo 1: https://mma.prnewswire.com/media/1825932/StarkWare_Staff....
Digital press kit: http://www.ots.at/pressemappe/PR162315/aom
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