ZK Project Hylé Secures $2.6 Million in Funding Led by Framework Ventures

 Zero-knowledge project Hylé has successfully raised $2.6 million in a new funding round led by venture firm Framework Ventures, with participation from Cherry Crypto, Fabric Ventures, First Capital, and Heartcore Capital.

Hylé’s total initial funding now stands at $3.4 million, bolstered by an additional $1.5 million in revenue from their NFT project, briqNFT, as disclosed by co-founder Sylve Chevet to The Block. The company's board of directors will remain unchanged following this investment.

Hylé is developing the Hylé network, which leverages zero-knowledge proofs (ZKP) to enhance scalability and privacy. According to a press release, Hylé aims to be the foundational layer for a modular ZK technology stack. The Hylé network operates its own consensus mechanism, specifically designed for ZKP verification, providing developers and users with customizable solutions for their systems.

The newly secured funds will be used to expedite the launch of Hylé's mainnet and to hire backend experts and protocol engineers. These hires will focus on building additional proving schemes such as Polygon zkEVM, Cairo, and Noir. Proving schemes use cryptography to verify information without disclosing sensitive data.

Furthermore, Hylé plans to create tools to help developers integrate zero-knowledge technology into their applications. "The goal is to simplify the use of ZK by organizing existing technology into a coherent framework, similar to how React and React components serve frontend development," explained Chevet. He emphasized the revolutionary potential of zero-knowledge technology, stating, "We’ve only scratched the surface of what is possible."

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