ZK proof Succinct Labs project calls for 55 million USD

Succinct Labs is a project building ZK proof with the ambition of providing this technology to all development teams in the world.

On the evening of March 21, technology startup Succinct Labs announced that it had successfully organized a Series A capital round, raising up to 55 million USD.

The funding round had the participation of many major investment funds in the cryptocurrency industry, including Paradigm, Robot Ventures, Bankless Ventures, Geometry, ZK Validator; with the founders of Polygon and EigenLayer.

Succinct believes that zero-knowledge proof is one of the most important technologies in the cryptocurrency industry today, helping to increase blockchain scalability, compatibility and privacy, but is too complicated to can be applied by developers and programmers. Therefore, Succinct set itself the mission of minimizing this barrier through the products they are building, including SP1 and the decentralized prover network.

SP1 is the first open source zkVM programming environment, allowing developers to use ZK with popular programming languages and available programming resources. SP1 offers a high level of integration and versatility, comparable to other tailor-made solutions.

Meanwhile, the prover network that Succinct is developing is the infrastructure layer for applications to deploy on top and receive zk proofs.

Succinct Labs said its infrastructure is being used by many industry leading names such as Celestia, Wormhole, Lido, Avail, Near and Gnosis to build applications with zk proof technology.

The cryptocurrency industry has recently witnessed a strong return of capital raising waves, with more than 1.5 billion USD raised in the first 2 months of 2024. Other notable capital mobilizations in the month 3 includes Expresso (28 million USD), Morph (20 million USD), Berachain (69 million USD), Eclipse (50 million USD), io.net (30 million USD), Taiko (15 million USD),…