Chain Reaction Ltd (Israeli blockchain chip startup company) is a semiconductor focused company co-founded in the year 2019 by Alon Webman (CEO) and CTO Oren Yokev. Prior to this Alon Webman was also the co-founder of Mellanox and sold it to Nvidia in the year 2020 after 19 years of service.
Chain Reaction Ltd is anticipating that availability of this blockchain chips and system will start in first quarter of 2023.
Chain Reaction Ltd develops ASICs in partnership with data centers and cloud servers to run privacy procedures(routines) and technologies to drive high performance with low power consumption.
3PU of Chain Reaction’s is used to accelerate real-time operations PETs on encrypted data. PU stands for Privacy Preserving Processing Unit and PETs stand for Privacy Enhancing Technologies.
Chain Reaction said, the Series C will accelerate the deployment of enterprise grade blockchain ASICs and systems. The company also says that the amount they raised will use for team expansion (engineering and development). The total amount raised since inception is $115 million. The company’s engineering and development team has grown to 100 employees including former employees. Former employees are from TSMC, Israeli Intelligence, Nvidia and Mellanox.
Chain Reaction in Event
Alon Webman, co-founder and CEO of Chain Reaction said that “Enabling real time computing on encrypted data is really the holy grail of cloud computing. Company Chain Reaction is on the cusp of making this a reality by accelerating PETs. And our technology will enable enterprise and government to modernize compute infrastructure by moving private data to the cloud.”.
The Series C was led by Morgan Creek Digital, with participation from Jerusalem Venture Partners, Atreides Management, Hanaco Ventures, KCK Capital, BlueRun Ventures and Exor.
Webman with Calcalist
During a conversation with Calcalist, an Israeli business daily newspaper and website, Alon Webman spoke about Chain Reaction’s journey until completing its Series C. “We started raising funds in early 2022 and its valuations have taken a hit. But we have signed customers and will start producing the chips in the coming months. We have contracts for approx. $10 million,” he said. Value of. We’re in a $100 million market and we’re the only one selling chips in it.
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