Israeli blockchain technology firm StarkWare Industries announced on Wednesday that it has raised $100 million in a Series D funding round, giving it an $8 billion valuation. The firm’s latest round was led by Greenoaks Capital and Coatue, followed by Tiger Global and other new and existing investors.
StarkWare’s Series D funding comes six months after its Series C round, which previously valued the company at $2 billion. There is a secondary transaction as part of the new 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.
Founded in 2018, StarkWare aims to provide scaling and security solutions for Ethereum-based products through “STARK,” a class of mathematical systems developed by company Co-Founder and President Eli Ben-Sasson and a team of computer scientists. This product cuts fees by reducing the amount of information written to the blockchain. It also speeds up transactions by alleviating heavy blockchain congestion, providing 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.
The company has two platforms now: StarkEx, a standalone permissioned Validity-Rollup, and StarkNet, a permissionless decentralized ZK-Rollup. These products enable secure, trustless, and scalable operations for blockchain applications.
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, and which any developer can use to build blockchain apps.