Web3 Privacy Technology Firm Sunscreen Raised $4.65M in Seed Round Led by Polychain Capital

Sunscreen, a start up which uses fully homomorphic encryption (FHE) technology to enhance privacy in Web3, announced that it has closed a $4.65m seed funding round led by Polychain Capital, with participation from Northzone, Coinbase Ventures, dao5, and Naval Ravikant. FHE allows individuals to perform computations on encrypted data without needing to decrypt it. To promote FHE, Sunscreen launched a $500k grant program to fund proposals from developers, academics and researchers that utilize FHE.