blockworks.co
Technology venture studio MPCH Labs developing multiparty computation (MPC) technology has closed a $40 million Series A led by Liberty City Ventures.
Other investors who participated in the round include QCP Capital, Mantis VC, Human Capital, Global Coin Research, LedgerPrime, Finality Capital, Oak HC FT, Polygon Studios, Quantstamp and Animoca Brands.
CEO Miles Parry and Chief Technology Officer Cat Le-Huy, founders of MPCH, designed their company with the intention for it to be more secure than traditional MPC architecture.
Generally speaking, MPC technology is a cryptographic tool that allows multiple people to evaluate a computation without revealing private information — so no individual can see another party’s data. The technology is employed by institutional custody providers, such as Fireblocks and Qredo, as well as wallet dapps from Coinbase and ZenGo.
After noticing how MPC technology was being used in different areas in the crypto industry, Parry and Le-Huy wanted to create an engine that was designed to be more secure than traditional MPC architecture.
“We built MPC6, our iteration of MPC,” Parry said in an interview with Blockworks.
The MPC6 engine was designed to be more secure than traditional MPC architecture — it enables multiple signers, authorizers, approvers and viewers in the same wallet, according to Parry.
“And using that technology, we are launching Fraction, a walleting service provider that securely manages cryptographically, and on zero-knowledge bases, digital assets,” Parry said.
Fraction was designed and beta tested with over 30 different design partners and will be MPCH’s first product, likely to be launched in the next few months.
Although Parry did not disclose the exact number of customers who have expressed interest in the product, he noted that “it was very complimentary to see how many clients have come to us and said we want to use your products.”
The latest $40 million fundraise will allow MPCH to continue scaling their products, Parry said.
“Now we’re launching and developing functions, products and features for our clients,” he said. “We want to make it affordable for the small startup — giving them the same tools as big institutions.”