Pi Squared Secures $12.5M for Blockchain Tech Development
The Essentials at a Glance
Pi Squared, an innovative startup, has raised an impressive 12.5 million US dollars in a seed funding round. The company, led by Grigore Rosu, a professor of computer science at the University of Illinois Urbana-Champaign, aims to enable trusted remote computing and further blockchain applications through the use of zero-knowledge technology. Notable investors include players such as Polychain Capital, ABCDE, and Samsung Next.
A Breakthrough in Blockchain Technology
Pi Squared is taking on the challenge of enabling verifiable computing through zero-knowledge technology. Their first product, the “Universal Settlement Layer”, is intended to be able to handle blockchain transactions in any programming language. In addition, the team is working on a “Universal ZK Circuit” that checks the integrity of mathematical proofs, thus ensuring correct, verifiable computing for all languages and virtual machines. This approach promises to significantly improve the interoperability and security of smart contracts and dApps.
The Vision Behind Pi Squared
The idea for Pi Squared originated from Rosu’s academic career and long-term research with his students. The goal is to create a technology that enables trusted computing without the need for a common language, VM, or ISA standard. With the current funding round, Pi Squared plans to advance its product development and bring the technology into the testnet phase by the end of 2024.
Support from Renowned Investors
The seed funding round was led by Polychain Capital and saw the participation of other significant investors such as ABCDE, Bloccelerate, Generative Ventures, Robot Ventures, and Samsung Next. Angel investors like Justin Drake from the Ethereum Foundation and Sreeram Kanaan, founder of EigenLayer, also participated. This broad support underscores the confidence in the potential of Pi Squared to fundamentally change the landscape of trusted computing.
Our Assessment
Pi Squared’s initiative to usher in a new era of trusted and interoperable computing through the use of zero-knowledge technology marks a significant advancement in blockchain technology. With the support of leading investors and a clear vision, Pi Squared could play a crucial role in enhancing the efficiency, security, and user-friendliness of blockchain applications. We look forward to the development and the upcoming testnet launch at the end of 2024.
Sources
– CoinDesk
– Polychain Capital
– Ethereum Foundation
– Samsung Next
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