TLDR:
- Smart contract platform Axiom has raised $20 million in a Series A funding round to accelerate the development of its first product.
- Axiom is proposing a new approach for accessing authenticated data on-chain using zero-knowledge technology.
Smart contract infrastructure firm Axiom has secured $20 million in Series A funding, with Paradigm and Standard Crypto leading the round alongside Robot Ventures and Ethereal Ventures funds. The funding will be used to hire developers and expedite the development of Axiom’s first product. The startup is introducing a novel method of accessing authenticated data on-chain by utilizing zero-knowledge cryptography instead of traditional consensus mechanisms. This approach allows on-chain applications to handle more data at a lower cost. Axiom’s protocol, which launched its mainnet in 2023, provides developers with access to historical Ethereum data, enables off-chain computations, and supports data transmission with zero-knowledge proofs. The company believes that demand for stored, accessible, and operable authenticated data will continue to increase and that cryptography and blockchains are the ideal tools for meeting this demand. Zero-knowledge proofs are increasingly being utilized in various sectors such as banking, healthcare, energy, and voting systems. Numerous cryptocurrency companies are actively working on zero-knowledge technology to address scaling and privacy concerns.
