Polyhedra Network Hits $1B Valuation with $20M of Funding

Polyhedra Network has secured a $20 million investment after successfully completing its latest funding round, pushing its valuation to $1 billion.

This financing round, which occurred on Mar. 14, was arranged via a token purchase agreement involving several notable venture capitalists. Thus, the valuation of Polyhedra Network, the firm behind the innovative zero-knowledge interoperability protocol known as zkBridge, rose to $1 billion.

Polyhedra’s Increased Valuation

Leading the funding round was Polychain Capital, with Animoca Brands, Longhash Ventures, Hashkey Capital, Emirates Consortium, and Mapleblock Capital, among other participants, as revealed by Polyhedra on Thursday. Notably, all recent funding rounds, including this one, have been executed via a simple agreement for future tokens (SAFT), as indicated by Eric Vreeland, the company’s Chief Strategy Officer (CSO).

According to Vreeland, the latest funding round concluded last month brings Polyhedra’s total funding to $75 million. The CSO further clarified that the $1 billion valuation denotes a diluted token valuation.

However, he refrained from specifying a precise timeline for the token’s launch. Buoyed by this fresh injection of capital, Polyhedra has outlined plans to bolster its workforce of approximately 50 individuals to an estimated 80 by the end of this year.

Vreeland added that the firm aims to recruit talent into various departments, especially product development, engineering, business development, and marketing.

Polyhedra Network’s Innovative Solution

Polyhedra is a prominent Web3 infrastructure solutions provider, notably recognized for creating the zkBridge protocol. This innovative protocol facilitates seamless cross-chain transactions.

According to Vreeland, the zero-knowledge proofs employed by zkBridge exhibit remarkable efficiency, boasting faster proof generation and verification performance than existing alternatives.

Following its debut in 2023, zkBridge has been vital in enabling over 20 million cross-chain transactions while generating over 40 million zero-knowledge proofs. Due to zkBridge’s non-custodial nature, no available data regarding the total value locked (TVL) within the protocol exists.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.