According to its blog post, a16z (Andreessen Horowitz) is leading a $50 million Series B investment in Matter Labs, which architected the zkSync solution. zkSync uses zero-knowledge proofs (specifically, zk-SNARKS), a type of cryptographic innovation, to scale Ethereum.

The Series B financing was led by Andreessen Horowitz and included existing investors Placeholder, Dragonfly, and 1kx. A second financing was closed with strategic partners such as Blockchain.com, Crypto.com, Consensys, ByBit, OKEx, Alchemy, Covalent and joined by the founders and leadership of AAVE, Paraswap, Lido, Futureswap, Gnosis, Rarible, Aragon, Liquity, Celer, Connext, Perpetual, Euler, Opium, and 70 more.

Using cryptographic innovation (zk-SNARKS), Matter Labs relies on pure math instead of collectively trusted validators, bridges, or watchers to remove issues like slow transaction times, high gas fees, and reverted transactions and allow Ethereum to finally scale in a fully trustless manner.