The universal proof generation layer developer Fermah raised $5.2 million in seed funding.
The a16z Crypto Startup Accelerator (CSX) fund and venture capital firm Lemniscap co-led the round, which saw additional support from Bankless Ventures, Longhash Ventures, P-OPS team, Public Works, ZK Validator, Lambda Class, Daedalus, Zero DAO, Velocity Capital, Daemon Ventures and angel investors including Balaji Srinivasan, Sandeep Nailwal and others.
Fermah aims to tackle issues related to zero-knowledge (ZK) proofs by acting as a marketplace for ZK proof generation, creating proofs for ZK rollups, ZK bridges and other use cases using affordable and reliable infrastructure, according to a release shared with The Block. Fermah will use the funds to bolster its team across marketing, engineering and other departments, as well as build out its product offering.
“After over 15 years of building ZKPs, I can clearly see that we are approaching an inflection point: the infrastructure is finally in place, and we're on the precipice of a boom in innovative ZK applications. Fermah will play an integral role in this boom,” said Fermah CEO Vanishree Rao in a statement.
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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.