Overview

Ulvetanna provides specialized cryptographic computation services designed for blockchain protocols. The company utilizes FPGA clusters and a unique mathematical approach known as a binary field tower to create custom hardware solutions that maintain high performance, even when compared to standard CPU architectures. Their Binius software stack, which is open source and developed in Rust, supports well-known proof systems like plonky2 and Polygon zkEVM, with plans to expand support to future systems such as Binius and plonky3. Ulvetanna's infrastructure is powered by environmentally friendly energy sources and operates on bare metal, enabling tailored network configurations and the use of advanced hardware. The company targets blockchain developers and enterprises seeking efficient and cost-effective zero-knowledge succinct proofs, generating revenue through their proving-as-a-service offerings that leverage their sophisticated hardware and software capabilities.

Simplify's Take

What believers are saying

• Integration of AI with zero-knowledge proofs is gaining traction.
• FPGA technology is increasingly popular for cryptographic computations.
• Demand for climate-friendly blockchain solutions is rising.

What critics are saying

• Emerging competition from companies like StarkWare and zkSync.
• Rapid evolution of blockchain protocols may outpace current technology stack.
• Potential vulnerabilities in open-source software like the Binius stack.

What makes Ulvetanna unique

• Ulvetanna uses FPGA clusters for high-performance cryptographic computations.
• The Binius software stack is open source and developed in Rust.
• Ulvetanna's infrastructure is powered by climate-friendly energy sources.

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Funding

Total Funding

$15M

Above

Industry Average

Funded Over

1 Rounds

$15,000,000

Seed

Jan 2023

Seed funding is usually the first official round after pre-seed, when a startup has a prototype or concept. It’s typically used to develop the product, test the market, and start building the team. Investors here are often angel investors or early-stage venture capitalists.

Seed Funding Comparison

Above Average

Industry standards

Ind Avg. $3.3M

$500k

$1.5M

$2M

$2.3M

$3M

$15M