Zama’s homomorphic encryption tech lands it $73M on a valuation of nearly $400M

Zama, a Paris-based startup focused on fully homomorphic encryption (FHE), raised $73 million in Series A funding led by Multicoin Capital and Protocol Labs at a valuation approaching $400 million. The company is commercializing FHE for blockchain transactions and privacy-preserving AI, claiming over $50 million in contract value and 3,000 developers using its four open-source libraries. Founded by Rand Hindi and cryptographer Pascal Paillier, Zama reports significant algorithmic speedups since 2019 and plans to expand R&D and engineering amid a growing but still nascent FHE market that includes peers like Ravel, Duality, and Enveil.