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Zama announced a $73 million Series A on March 7, 2024, saying the round was co-led by Multicoin Capital and Protocol Labs. The open-source cryptography company said the funding would support its fully homomorphic encryption (FHE) work and partner deployments, including fhEVM software for confidential smart contracts. It was not Zama’s latest reported financing: the company announced a $57 million Series B in June 2025.
What Zama announced in March 2024
In its March 7, 2024 announcement, Zama said it had raised $73 million in a Series A. Founder and CEO Rand Hindi identified Multicoin Capital and Protocol Labs as co-leads. Zama also named Metaplanet, Blockchange, VSquared, Stake Capital and Portal Ventures among participants, alongside several strategic founders.
The financing was presented as support for Zama’s FHE research and deployments with partners. The announcement connected that work to blockchain and AI applications, while giving particular attention to fhEVM, its approach to confidential smart contracts written in Solidity. These are company-reported details; the cited announcement is not an independent filing or investor confirmation.
What FHE is intended to do
Fully homomorphic encryption is designed to let software compute on data while that data remains encrypted, rather than requiring it to be decrypted before processing. Zama describes this capability as a way to build applications where inputs and computations can stay confidential. That is the intended property of the cryptographic technique, not a blanket guarantee that every application, system component or data flow using it is private.
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Zama’s FHE-on-blockchain documentation explains the technology in the blockchain context. Its fhEVM product page describes developer software for building confidential smart contracts and links to code and documentation. The practical audience is therefore developers building applications, rather than consumers buying a standalone privacy product.
How the 2024 product description differs from the later protocol
The 2024 announcement emphasized fhEVM and confidential onchain applications developed in Solidity. In June 2025, Zama announced a broader Zama Confidential Blockchain Protocol, describing it as a confidentiality layer intended to work with existing blockchains. The company says the protocol supports encrypted transaction inputs and state, composability, and programmable access to decryption. Those are product descriptions from Zama, not independently established performance or security findings.
A layer designed to work with existing chains should not be mistaken for native FHE execution on every chain. The protocol’s deployment model and supported integrations determine where it can operate; the cited announcement does not establish that every blockchain automatically gains the same capabilities.
What changed after the Series A
Zama announced a $57 million Series B at a valuation above $1 billion on June 25, 2025, and introduced the Confidential Blockchain Protocol. The two rounds describe separate financing events at different stages, not a single cumulative $130 million round figure. The later announcement places the 2024 Series A in context as an earlier milestone.
Zama also made performance claims at both points in time, but the comparisons use different baselines and remain company claims:
| Announcement | Company-reported performance statement | How to read it |
|---|---|---|
| March 2024 | Zama said its FHE scheme was 20 times faster than when the company was founded. | The same announcement said it was “on track to reach 100x soon”; that was a forward-looking target, not a reported result. |
| June 2025 | Zama said its technology was over 100 times faster than five years earlier. | This uses a different comparison period from the 2024 claim and is not an independently audited benchmark in the cited sources. |
These figures should not be combined into a single performance curve or treated as like-for-like benchmark results. The cited material does not provide independent validation of the claims.
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What the $73 million does—and does not—establish
The announcement shows how Zama said it planned to use the capital: continue FHE development and work with partners on applications. It does not establish a budget breakdown, a specific deployment schedule, or whether each planned application has since launched.
Zama’s 2024 post also forecast dedicated FHE hardware accelerators “in the next two years.” That was a roadmap expectation stated in March 2024; the cited sources do not establish that the accelerators are now commercially available.
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Sources and scope
- Zama, “The Zama FHE Master Plan,” March 7, 2024 — Series A announcement, fhEVM framing and roadmap claims.
- Zama, “Announcing Our Series B and the Zama Confidential Blockchain Protocol,” June 25, 2025 — later financing and protocol description.
- Zama fhEVM product page — developer offering, code and documentation links.
- Zama About page — company description.
- Zama FHE-on-blockchain documentation — explanation of FHE in the blockchain context.
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