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Aleo Raises $200 Million in Series B to Expand Blockchain Platform

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Aleo, a top platform for developing blockchain-based apps for businesses, has raised $200 million in Series B funding led by SoftBank Vision Fund 2 and Kora Management LP, involving Slow Ventures, Tiger Global, Sea Capital, Andreessen Horowitz (a16z), Samsung Next, resulting in a $1.45 billion pricing. Aleo’s Series B represents the largest fundraising round ever seen in the 0-knowledge industry, pursuing the $28 million Series A, which was requested by a16z in April 2021. Aleo’s mission is to lay the foundation for the next generation of decentralized web apps. They want to use technologies such as zero-knowledge proofs and blockchains to build a developer ecosystem that extends and boosts consumers’ web skills. Aleo uses advanced technology known as zero-knowledge cryptography to enable developers to build decentralized applications that provide users with personalized Web3 services, while maintaining control over their personal data. Unlike other blockchains, such as Ethereum, Aleo payments are made off-chain and validated only by network nodes. This allows the platform to underwrite a greater amount of commerce, while also enabling developers to create decentralized applications capable of handling complex real-world situations that require dedicated centralized servers, all while satisfying to the relevant laws. Aleo will use this latest funding to deliver products and services that will help developers create a platform on top of the decentralized network as the team works on the nascent mainnet launch. The two most difficult issues in the blockchain space are confidentiality and extensibility. Aleo is building a foundational layer that addresses both, which they believe will help catalyze and develop the next generation of blockchain use cases for the true mass market, ranging from video games to DeFi and beyond. As the blockchain industry evolves, it is showing its ability to support a digital ecosystem identified by its ease of access, effectiveness, and interoperability. About Aleo Aleo is gearing up to launch its mainnet later 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 first-ever developer platform that allows the creation of completely private, extensible and cost-effective apps. Aleo uses zero-knowledge cryptography to keep smart contract execution moving off-chain, enabling a wide variety of decentralized applications that are both completely private and can be scaled to thousands of transactions per second. Built on an open, public blockchain, Aleo offers all the versatility of Eth, but with a more modular architecture where miners don’t have to redo every transaction, but instead just verify their correctness.
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