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Cryptosat, a startup aiming to launch a trusted execution environment in space, has raised $3 million in a seed round. Funds raised in the private round will be used to support the startup’s goal of establishing a physically isolated cryptographic application aboard an orbiting satellite.
Cryptosat has a vision to provide a tamper-proof root of trust by completely isolating devices. A successful private round also shows that the startup’s vision resonates with investors.
Cryptosat’s private round attracted investment from Phala Network, Inflection, GoAhead Ventures, DoraHacks, and Protocol Labs, best known for backing Filecoin and developing IPFS.
Cryptosat is currently seeking partnerships with organizations interested in creating a trusted execution environment in space, such as developing a random beacon for the Velas blockchain that can generate and transmit reliable randomness from space. .
Velas CEO Farkhad Shagulyamov said of the partnership with Cryprosat:
Random beacons must be unpredictable and resistant to any kind of manipulation. Our partnership with Cryptosat will help us develop the highest quality random beacons unmatched in the modern cryptocurrency industry. I believe it will help.”
Protocol Labs is also working with Cryptosat on time-based cryptographic solutions, including Verifiable Delay Functions (VDF) hosted in space. These solutions have the potential to open up new opportunities in the computing realm by ensuring ultimate trust and transparency, from blockchain to securing internet transactions.
Cryptosat satellites are built from the ground up to ensure that no third party interferes with the computing environment before launching into orbit. This further ensures that even nations and government agencies cannot tamper with Cryptosat satellite operations.
Cryptosat co-founder Yan Michalevsky said:
By leveraging Space, an environment that offers the ultimate in physical security, Cryptosat ensures unprecedented integrity, confidentiality and authenticity for the most sensitive cryptographic operations.
