Fair Math, a Dover, DE-based provider of an automated Fully Homomorphic Encryption (FHE) challenge platform, raised $1.4M in pre-seed funding.
The round was led by gumi Cryptos Capital, Inception Capital and Polymorphic Capital.
The company intends to use the funds to expand operations and its development efforts.
Led by Founder and CEO Gurgen Arakelov, Fair Math provides FHERMA, which is an automated FHE challenge platform. The main idea is to use FHE challenges and a competition-based approach as the core mechanism for solving challenging problems in practice and building up and organizing the library of FHE components for application developers.
Commenting on the news, Gurgen Arakelov said: “While our pre-seed round is primarily geared towards enhancing the FHERMA platform, our vision goes beyond that. The prevailing belief is that developing FHE applications requires expertise in cryptography. However, given the scarcity of knowledgeable cryptographers, application development progresses slowly. At Fair Math, we argue that being a cryptographer is not necessarily a prerequisite. It is enough to have a background in applied mathematics to solve these challenges.”
The first challenges were launched in November 2023. During 2024, at least 25 FHE challenges will be launched on the platform.
FinSMEs
28/02/2024