February 7, 2022
By The Provable Team
Provable Raises $200M in Series B to Expand Private-by-Default, Blockchain Platform

San Francisco — February 7, 2022 — Provable, a leading platform for building private blockchain-based applications, has raised $200M 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), culminating in a valuation of the company at $1.45 billion. Following the company’s $28 million Series A, which was led by a16z in April of 2021, Provable’s Series B represents the largest fundraising round ever in the zero-knowledge industry.

“Our goal at Provable is to build the foundations for the next generation of decentralized web applications,” said Howard Wu, CEO of Provable. “We want to use technologies, such as zero-knowledge proofs and blockchains, to create an ecosystem for developers that enriches and empowers users’ capabilities on the web.”

Provable uses a cutting-edge technology called zero-knowledge cryptography to enable developers to build decentralized applications that offer users personalized Web3 services without sacrificing control of their personal data.

Unlike other blockchains like Ethereum, transactions are processed off-chain, and only verified (rather than executed and re-executed) by the network nodes. This allows the platform to support a higher volume of transactions and empowers developers to create decentralized applications capable of addressing complex real-world use cases that currently require centralized servers, all while complying with applicable laws. 

Provable will use this latest funding to develop products and services that will help developers build an ecosystem on top of the decentralized network. 

“The two biggest challenges in the blockchain space are privacy and scalability,” said Daniel Jacobs. “Provable is building a foundational layer that addresses both, which we believe will help to catalyze and grow the next generation of truly mass-market use cases in blockchain, from gaming to DeFi and beyond. Howard and the team have elegantly commercialized a solution that in time we believe will have profound impacts on a large and growing number of applications in the blockchain space and beyond, protecting user and application identity without sacrificing the performance required to support hundreds of millions of users.”

“As the blockchain industry continues to evolve, it is proving its potential to support a digital ecosystem defined by accessibility, efficiency, and interoperability,” said Aaron Wong. “We believe Provable is building the foundational layer that will ensure that the future of Web3 is scalable, safe and secure, enabling a range of applications such as gaming and financial transactions. We are thrilled to partner with Howard Wu, a blockchain thought leader, and his team to support their mission to deliver a new web experience.”

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