QEDIT, a privacy technology developer for enterprise blockchains, has closed a US$10 million Series A round from investors that included Ant Financial, the payments affiliate of Chinese e-commerce giant Alibaba.
As reported by CoinDesk, the startup also announced it will be exploring a partnership with Ant Financial, combining enterprise blockchains with zero-knowledge proofs (ZKPs).
The Series A investment round was led by MizMa Ventures, joined by Ant Financial, RGAX, Meron Capital, Collider Ventures, Jovono, and Target Global. QEDIT as received US$14 million in total funding so far, comprising the Series A round, a previous US$3 million seed round, and US$1 million in grants.
ZKPs offer a means through which to prove possession of a secret without revealing the actual secret, with many having tried to apply this technology in order to restore privacy on blockchain networks, which opt for broadcasting data in their default state.
On the matter of how QEDIT’s zero-knowledge technology can be used by Ant Financial and software giant VMware — another high-profile collaboration — Jonathan Rouach, CEO and co-founder of QEDIT, explained that when a network operates over multiple cloud environments, ZKP solutions enable cloud deployment of blockchain without revealing any sensitive data outside of a chosen provider.
For example, QEDIT has demonstrated on the public Ethereum blockchain how to prove that an individual falls within a certain tax bracket, without access to fundamental data.
Rouach noted that in addition to making the technology more practical, QEDIT supports efforts to standardize ZKPs, so they can be sold to the enterprise world.
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