StarkWare Industries is a solution provider for blockchain to make blockchain technology more scalable. StarkWare is a developer of a full-proof stack for generating and verifying proofs of computational integrity in the blockchain. The technology addresses Ethereum blockchain scalability issues, that cause slow throughput and raise gas, or transaction, fees.
The funding round Series D was co-led by Greenoaks Capital and Coatue Management. Among other participants are Tiger Global, Paradigm, Three Arrows Capital, and Sequoia Capital. Since the last round half a year ago, StarkWare was able to quadruple its valuation from $2 billion. “They’re investing because of the vision we have for the next 5-10 years, for what we think blockchain will mean for businesses and society in the coming years,” Uri Kolodny, CEO of StarkWare. The money raised will be used for business and product development, as well as engineering and the growing surrounding ecosystem.
StarkWare, Tel Aviv, Israel, was founded by Alessandro Chiesa, Eli Ben-Sasson, Michael Riabzev, and Uri Kolodny in 2018. StarkWare has two platforms. The first one is the StarkEx scaling engine powers decentralized exchange dYdX and the likes of the non-fungible token (NFT) platform Immutable X. The platform was launched 18 months ago, and it has already handled 173 million transactions of $602 billion worth. The second platform is StarkNet which is a scaling network for providing developers with tools to deploy decentralized applications at a fraction of the cost of using Ethereum’s main network. As of now, StarkNet has been downloaded more than 100 000 times.