Cryptographic chip company Ingonyama has announced the completion of a $20 million seed round of funding, led by Walden Catalyst, the main investor of AI21 Lab, with participation from Geometry, BlueYard Capital, Samsung Next, Sentinel Global, and others. Many of the companies participating in this round heavily rely on zero-knowledge proof technology, including Israeli company StarkWare.

It is reported that Ingonyama's first chip is a programmable parallel computing processor similar to a GPU, but designed specifically for accelerating advanced encryption, specifically for zero-knowledge proofs and fully homomorphic encryption. While the chip is being prepared, the company is collaborating with GPU to develop open-source software that efficiently runs the same cryptography.