Blockchain privacy solutions startup QEDIT raises $10M in Series A, partners with VMware, Ant Financial and RGAX

QEDIT, a provider of privacy-preserving technology for enterprise blockchains, has $10 million in a series A round led by MizMaa Ventures.

The latest round also saw participation from Ant Financial, RGAX, Meron Capital, Collider Ventures, Jovono, and Target Global. QEDIT plans to use the funding to continue improving its highly-secure privacy protocol and expand its sales and partnerships team.

Founded in 2016, Tel Aviv-based QEDIT has developed the Zero-Knowledge Blockchain, which provides proof for all parties, without disclosing their underlying confidential data.

In its official release, QEDIT said that it helps banks have confidentiality when transferring assets on decentralized networks, and helps companies set up supply chain management systems with their whole ecosystem, while preserving confidentiality. QEDIT financial partners use its technology to calculate an accurate credit scoring based on private data, without accessing the private data.

“QEDIT is leading the charge in Zero-Knowledge Proof solutions worldwide, creating a solution that will accelerate adoption of blockchain technology at enterprise level. We are very excited to be a part of this journey,” Isaac Applbaum, co-founder of MizMaa Ventures.

Alongside the Series A round, QEDIT announced that it is working with VMware, Ant Financial, and RGAX (subsidiary of RGA - Reinsurance Group of America) to explore applications of its privacy solution in their respective industries.

David Tennenhouse, Chief Research Officer at VMware, said that QEDIT’s privacy solution will augment VMware Blockchain's consensus engine by providing advanced technologies required to enable trusted information-sharing across organizational boundaries, while aiming to uphold the highest privacy and security standards for our customer base.

Jonathan Rouach, CEO and Co-founder of QEDIT, said that working with VMware, Ant Financial and RGAX will help QEDIT to showcase the value that Zero-Knowledge Proof cryptography can offer on an enterprise level, across different industry verticals.

“Closing our investment round at USD 10 million is a significant vote of confidence from leading investors,” Rouach, said.

“Developing partnerships that showcase the QEDIT privacy layer is key to achieving our overarching goal of boosting blockchain adoption among enterprises globally. Our partners share our vision for blockchain innovation to deliver higher levels of privacy and security. As such, these partnerships are a natural fit for QEDIT’s privacy solution for enterprise blockchain.”