London-based Aztec Network has closed a $100 million Series B funding round.
Aztec is proud to announce $100 million in Series B funding, led by @a16zcrypto. pic.twitter.com/GqS1tNFXn6
— Aztec (@aztecnetwork) December 15, 2022
The funding round was led by venture firm Andreessen Horowitz with participation from A_Capital, King River Capital, HashKey Capital, Fenbushi Capital, Variant, SV Angel and Alumni Ventures.
The raised funds will be used to expand the team from 40 to 80 people and to develop an encrypted architecture to enable the use of blockchains without disclosing user-identifying information.
“At a high level, Aztec is an encrypted version of Ethereum. On Ethereum, everything is public, but we are doing it encrypted. This path has taken us many years,” said co-founder Joe Andrews.
The Aztec standard under development, called PLONK, enables a two-tier transaction processing system. The solution provides cheaper transfers (up to 100 times cheaper than Ethereum) and “verifiable confidentiality,” hiding the sender, recipient and amount.
In December 2021, Aztec attracted $17 million from Paradigm and other investors.
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