Fintech PR
Fermah Closes $5.2M Seed Round to Abstract Away the Complexity of ZK Proof Generation
NEW YORK, Sept. 18, 2024 /PRNewswire/ — Fermah, the universal proof generation layer, has announced the successful closure of its $5.2 million seed round, co-led by the a16z CSX fund and Lemniscap. The round also included participation from Bankless Ventures, Longhash Ventures, P-OPS team, Public Works, ZK Validator, Lambda Class, Daedalus, Zero DAO, Velocity Capital, and Daemon Ventures.
A number of S-tier builders also participated as angels in the round, including former Coinbase CTO and a16z GP Balaji Srinivasan; Celestia’s Mustafa Al-Bassam (CEO) and Nick White (COO); Co-founders of Polygon, Sandeep Nailwal, Jaynti Kanani, and Daniel Lubarov; as well as Aztec’s Zac Williamson (CEO) and Claire Kart (CMO); and several others.
The funding will go towards product development and team expansion, with Fermah currently hiring for a number of key roles, as part of the company’s vision to make zero-knowledge proofs the default substrate for all computation.
Fermah was founded by seasoned cryptographer Vanishree Rao, who has dedicated the last 15 years to designing and building Zero-Knowledge Proofs (ZKPs), and holds a PhD in Cryptography from UCLA. Vanishree was also the Lead Cryptographer at O(1) Labs – the team behind Mina Protocol, one of the earliest and most innovative ZK protocols. She has extensive experience working with cryptographic primitives including secure hash functions, advanced digital signature schemes, ZKPs, multi-party computation protocols, key exchange protocols, and program obfuscation.
While ZKP technology is slowly becoming practical enough to power broad, modern applications, the generation of proofs remains extremely resource-intensive, requiring expensive, powerful physical infrastructure. The underutilization of this hardware inflates the price users pay for their ZK transactions. Beyond this, designing, implementing, and maintaining the optimal incentive structure for this infrastructure is extremely onerous.
Fermah – which is optimized for cheap, fast, and reliable ZK proof generation – is addressing this long-standing complexity issue inherent to ZKPs, functioning as a marketplace for ZK proof generation. Fermah generates proofs for any instance in which ZK is used – whether it’s for ZK rollups, ZK bridges, ZK coprocessors, ZKML projects or ZKFHE projects. Fermah is neutral and architected to support all proof systems, including zkVMs, zkEVMs, Groth16, and all other proof systems.
Fermah aggregates demand from various sources, allowing suppliers to leverage economies of scale, enabling a reduction in costs for proof generation. In turn, the range of use cases that can practically leverage ZKP technology expands – creating a flywheel that grows the aggregate demand for proofs, and hence enables further economies of scale to lower costs. This flywheel makes the economics of ZKPs viable across a much broader range of use cases. When combined with Fermah’s several technical breakthroughs, Fermah enables the first efficient marketplace for ZK proof generation.
Roderik van der Graaf, Founder and Managing Partner of Lemniscap, said: “Lemniscap is firmly behind Fermah in their mission to provide fast, cheap, and reliable infrastructure to help developers build category-leading products. By abstracting ZKP complexity, Fermah is lowering the technical barriers to entry, enabling more developers and businesses to integrate these proofs into their systems. This long awaited democratization of ZKPs extends the reach of these advanced cryptographic techniques to a broader range of applications.”
Vanishree Rao, Founder and CEO of Fermah, said: “I’m extremely optimistic that Fermah will revolutionize the ZK space as we know it. With the right team, backers, and experience, we’re poised to bring our vision to fruition. Soon, incorporating zero knowledge into applications will be frictionless. After over 15 years of building ZKPs, I can clearly see that we are approaching an inflection point: the infrastructure is finally in place, and we’re on the precipice of a boom in innovative ZK applications. Fermah will play an integral role in this boom.”
About Fermah
Fermah is the universal proof generation layer. It functions as a marketplace, where the supply side comprises GPUs and FPGAs. On the demand side, Fermah can generate proofs for any instance in which ZK is used. Fermah is optimized for cheap, fast, and reliable ZK proof generation.
About Lemniscap
Lemniscap is an investment firm specializing in investments in emerging crypto assets and blockchain startups. Since its founding in 2017, Lemniscap has funded multiple investments in the crypto blockchain space, on the core belief that blockchain technology will upend traditional business models, resulting in profound changes in the world economy. The Lemniscap team consists of talented people with backgrounds in financial markets, PE/VC, technology and entrepreneurship. For more information, visit https://lemniscap.com.
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View original content:https://www.prnewswire.co.uk/news-releases/fermah-closes-5-2m-seed-round-to-abstract-away-the-complexity-of-zk-proof-generation-302252159.html
Fintech PR
Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html
DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
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For more information, please visit: https://www.bybit.com
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Fintech PR
Healthcare leaders gather at House of Commons to discuss productivity-boosting tech with MyStaff app
LONDON, Nov. 15, 2024 /PRNewswire/ — Healthcare leaders from 16 NHS trusts gathered at the House of Commons this week to see how Mid and South Essex NHS Foundation Trust is using a groundbreaking new app that transforms staff access to information vital to their patients’ care.
The MyStaff app uses AI and automation to simplify the management of critical policies and procedures, reducing the time staff spend searching for information from almost 10 minutes to under 30 seconds. Over 12,000 of the Trust’s staff have signed up, and around 1,000 are using the app daily.
With £2bn pledged to help digitise the NHS and bring down waiting lists, such time-saving tech is high on healthcare’s agenda. Trust Chief Executive Matthew Hopkins introduced the session, which was hosted by David Burton-Sampson, MP for Southend West and Leigh, and saw technology strategists and users share their experiences of digitising vital healthcare operations.
Matthew said: “Our Trust is working to make the best use of digital technologies wherever this can help staff to provide the best possible care to our patients. MyStaff app is a versatile and easy-to-use tool that improves our governance processes and makes it easy for staff to access the vital clinical information they need when treating patients.”
The Trust developed MyStaff app with digital innovators Diligram, who have created a digital governance solution that helps ensure staff use the latest policies and guidance when delivering patient care. Document compliance rates have grown from 60% to 98%, whilst projections indicate the app could release 55,000 hours’ worth of staff capacity over 3 years, worth almost £4m in staff costs and giving staff more time on patient-facing care.
Diligram CEO Leslie Golding said: “We have worked closely with the Trust on developing groundbreaking technology that supports our healthcare heroes by simplifying access to essential information. We’re proud to be part of this brilliant example of positive digital change.”
Editor’s notes
- Contact: Rob Benson, 07815098560, [email protected]
- Further images, interviews, site visits available
About MyStaff app
The MyStaff app from digital transformation company Diligram is time-saving tech that offers a mobile-first digital corporate governance solution for healthcare providers.
Web: mystaffapp.io
About Mid and South Essex NHS Foundation Trust
MSE is one of the largest Trusts in the country, serving around 1.2million people. Our values are about delivering excellent, compassionate and respectful care.
Web: mse.nhs.uk
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View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/healthcare-leaders-gather-at-house-of-commons-to-discuss-productivity-boosting-tech-with-mystaff-app-302307051.html
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