By
Tokoni Uti
December 29th, 2023
With the growing backing from its investors and partners, Horizen Labs aims to continue its push of helping businesses build and integrate its technologies as it has done for the past two years.
Horizen Labs, a blockchain as a service provider that lets businesses build software solutions that solve real world challenges has pulled $7 million in seed funds from investors. The funding round was led by Kenetic Capital with participation from prominent crypto-focused investors including Digital Currency Group, Liberty City, Sound Ventures, Deribit, Artist Capital, Deus, and LionTree.
Founded in 2019, Horizen Labs leverages the uniqueness of its developed public blockchain platform, ‘Horizen’ to front a number of real-world solutions. The latest funding round re-emphasizes the rare product focus being rolled out by the Horizen team, as well as investor’s confidence in the broader project, its leaders, and the future of the protocol’s native token, ZEN.
“DCG has backed Horizen Labs since its earliest days and we’ve been consistently impressed by the development of the project and the team’s efforts,” said Barry Silbert, Founder of the Digital Currency Group (DCG)Horizen’s novel sidechain technology lets partners and projects harness decentralization to tackle real-world use cases, by deploying apps that are fully-distributed, secure and robust. As the network’s value is displayed, we expect demand for its native token, ZEN, to increase, and tokenholders to be rewarded for their support.”
As a project that seeks to empower businesses to embrace distributed ledger technology by developing their own blockchain-backed products and solutions, the attractions of investors dates back to its earliest days when it raised $3.75 million in 2019.
Horizen Seed Fund: Powering a Superior SDK Product for Businesses
According to Horizen Labs, the seed fund will be used in building out its Software Development Kit (SDK) as well as products like the zkAudit. zkAudit is dubbed the world’s first and only fully decentralized and privacy-preserving automated audit blockchain tool. Its use case according to the startup borders on solving some of the biggest problems in today’s audit process, including but not limited to a lack of transparency, slow audit results, and the potential for human error.
The blockchain solutions that are being powered by the SDK tool also benefit from a number of advantages including low transaction fees and high throughput. The option to integrate the zk-SNARK technology can also help infuse a high level of privacy which can be customized to the client, or user’s taste.
“At Horizen Labs we have been building next-generation tools for companies that need highly secure, custom designs. This includes both blockchain companies at the forefront of financial innovation along with more traditional, legacy organizations seeking the benefits of our growing industry. The raise shows the faith being put into our company – and blockchain technology as a whole – and will enable us to continue building out the tools and technology needed for fully programmable highly effective blockchains and decentralized applications,” said, Rob Viglione, Co-founder and CEO of Horizen Labs.
With the growing backing from its investors and partners, Horizen Labs aims to continue its push of helping businesses build and integrate its technologies as it has done for the past two years.