Aleo Raises $200M in Series B to Expand Blockchain Platform
Aleo, a top platform for developing corporate blockchain-based apps, has raised $200 million in a Series B funding led by SoftBank Vision Fund 2 and Kora Management LP, with involvement from Slow Ventures, Tiger Global, Sea Capital, Andreessen Horowitz (a16z), Samsung Next, resulting in a $1.45 billion pricing. Aleo’s Series B constitutes the greatest fundraising round ever seen in the 0-knowledge industry, pursuing the firm’s $28 million Series A, which was prompted by a16z in April 2021.
Aleo’s mission is to lay the groundwork for the next generation of decentralized web apps. They want to use technologies like zero-knowledge proofs and blockchains to build an ecosystem for devs that expands and emboldens consumers’ web skills.
Aleo employs cutting-edge technology known as zero-knowledge cryptography to allow developers to build decentralized applications that provide users with personalized Web3 services while retaining control over their personal data.
In contrast to other blockchains, such as Ethereum, Aleo payments are executed off-chain and only validated by network nodes. This enables the platform to endorse a greater amount of trade while also empowering developers to create decentralized applications able to address complex real-world use cases that require specific centralized servers, all while remaining compliant with relevant laws.
Aleo will be using this latest funding to deliver products and services that will assist developers in creating a platform on top of the decentralized network as the team is working toward the incipient mainnet launch.
The two most difficult issues in the blockchain space are confidentiality and expandability. Aleo is constructing a fundamental layer that addresses both, which they think will assist in catalyzing and developing the next generation of truly mass-market blockchain use cases, ranging from video games to DeFi and even beyond. As the blockchain industry evolves, it demonstrates its capacity to support a digital ecosystem identified by the ease of access, effectiveness, and interoperability.
About Aleo
Aleo is preparing to launch its mainnet afterward this year, making it easier than ever for developers to create privacy-enabled, decentralized apps for both Web 2.0 and Web 3.0. Aleo is the very first developer platform that enables the creation of completely private, expandable, and cost-effective apps. Aleo uses zero-knowledge cryptography to keep moving smart contract execution off-chain, allowing for a wide range of decentralized applications which are both completely private and capable of scaling to thousands of transactions per second. Aleo, which is built on an open, public blockchain, provides all of the versatility of Eth but with a more modular architecture wherein miners do not need to re-run each transaction but instead merely authenticate their rightness.
