Demox Labs Raises $4.5M Seed Funding to Develop Zero-Knowledge Proof Infrastructure
Demox Labs has raised $4.5 million in a seed round led by Hack VC to further the company’s development of zero-knowledge proof infrastructure and applications. Its investors include Coinbase Ventures, OpenSea Ventures, and more.
The company is launching its first product, the Leo Wallet, a non-custodial cryptocurrency wallet that uses ZK blockchains. Demox Labs co-founder & CEO Barron Caster wrote in a blog post that the Leo Wallet currently has 15,000 users.
“As it stands, zero-knowledge proof technology is still in its infancy. It’s an area filled with untapped potential and we’re on a mission to uncover it. We’re investing in the development of crucial components to help this technology reach its full potential, and are excited to build a privacy-focused future together with our community and partners,” Caster added.
Leo Wallet aims to be the go-to wallet for the Aleo blockchain. Aleo provides developers with a platform to build private blockchain-based applications using zero-knowledge cryptography. With a focus on privacy, transactions on Aleo are processed off-chain.
Instead of executing and re-executing transactions directly on the network, they are verified by the nodes (computers in the network) without actually being processed on the main blockchain. This approach helps maintain privacy as the details of the transactions are not publicly visible on the main network, while still ensuring that they are authenticated and confirmed by the network participants.
Currently in its testnet phase, Aleo plans to launch on mainnet in July. In May, Aleo announced a $1 million Tooling & Infrastructure Grants Program as it sought to attract developers to build on the platform during Testnet 3 Phase III.
Last February, the platform raised $200 million in a Series B funding round led by Kora Management LP and SoftBank Vision Fund 2, with participation from Tiger Global, Sea Capital, Samsung Next, Slow Ventures, and Andreessen Horowitz (a16z). The fundraise valued the company at t $1.45 billion and represented the largest fundraising round ever in the zero-knowledge industry.
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