Announcement follows closure of QEDIT’s investment round with USD 10 million secured from investors
Tel Aviv, Israel – April 29 – QEDIT, an enterprise solution for preserving data privacy using Zero-Knowledge Proofs, has today announced 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.
Jonathan Rouach, CEO and Co-founder of QEDIT, said, “Today marks a major step in fulfilling our vision to enable secure collaboration between companies using sensitive data. Working with VMware, Ant Financial and RGAX will help us showcase the value that Zero-Knowledge Proof cryptography can offer on an enterprise level, across different industry verticals.”
QEDIT 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 QEDIT’s technology to calculate an accurate credit scoring based on private data, without accessing the private data.
QEDIT is expanding the reach of its products by working with leading enterprises within cloud computing, fintech, and insurance. VMware is a global leader in cloud infrastructure, harnessing the power of disruptive technologies like edge computing, artificial intelligence, blockchain, and machine learning. Ant Financial offers inclusive global financial services with Alipay being the world’s leading payment and lifestyle platform. RGAX, the transformation unit of global reinsurer Reinsurance Group of America, Incorporated (RGA), focuses primarily on life- and health-related insurance solutions to expand the footprint of the industry and accelerate the development of new solutions and services.
David Tennenhouse (Chief Research Officer) of VMware said, “VMware’s work with QEDIT represents an exciting moment for VMware Blockchain, our enterprise blockchain platform. QEDIT’s privacy solution augments 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.”
Geoff Jiang (VP, GM of Technology and Business Innovation Group) of Ant Financial said, “Ant Financial shares a common vision with QEDIT to protect data privacy and security. Robust privacy measures are critical to the ongoing development of the wider finance sector. Together with QEDIT, Ant Financial is committed to providing such capabilities as part of our blockchain services.”
Leo Wong (Managing Director, Asia Pacific) of RGAX said, “We are delighted with our investment in QEDIT and their enterprise-level privacy and data security solution that harnesses the power of blockchain technology. This technology has the potential to transform processes for global life and health insurance companies, but only if the privacy of individuals’ personal data is secure. QEDIT provides a robust layer of security for enterprises who hold a large amount of sensitive private data.”
The announcement follows the closure of QEDIT’s Series A investment round, raising USD 10 million lead by MizMaa Ventures, with participation from Ant Financial, RGAX, Meron Capital, Collider Ventures,
Jovono and Target Global. With this funding, QEDIT continues to improve upon its highly-secure privacy protocol and will expand their sales and partnerships team.
Commenting on the closure of QEDIT’s funding round, Isaac Applbaum, co-founder of MizMaa Ventures, who led the Series A investment round said, “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.”
“Closing our investment round at USD 10 million is a significant vote of confidence from leading investors. 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,” concluded Rouach.
For more information, visit https://qed-it.com/ ###
QEDIT was founded by a team of highly specialised, world-renowned experts in blockchain and cryptography, including Jonathan Rouach, Professor Aviv Zohar and Ruben Arnold, who spotted two conflicting trends in the market — companies have confidential data that they wish to protect for business or compliance and legal reasons, but also wish to share it to enhance collaboration. Jonathan Rouach and Ruben Arnold previously co-founded Bits of Gold, the leading bitcoin exchange in Israel. Ruben Arnold is a former McKinsey consultant. Aviv Zohar is a Professor at the School of Engineering and Computer Science at the Hebrew University, Jerusalem. QEDIT is the first company overcoming this tension by using Zero-Knowledge Blockchain for enterprises. More specifically, QEDIT allows for collaboration based on confidential information without exposing the underlying data. By generating proofs for all, but data for no one, Zero-Knowledge Blockchain acts as a trust accelerator among companies that wish to collaborate based on data that cannot be shared. For more information, please visit https://qed-it.com/.
About MizMaa Ventures
MizMaa Ventures is a principal investment firm that specializes in investments in technology companies in Israel. MizMaa harnesses the best ideas and products from Israel’s technology sector to help companies and leaders access markets in the US and Asia. MizMaa was founded by Isaac (Yitz) Applbaum, former Partner at Ligthspeed, and Catherine Leung, former Vice Chairman of Asia Investment Banking at JPMorgan.
Renagh Mooney, Account Supervisor // Wachsman [email protected] // +353 87 166 11 54
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