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zama is an open-source cryptography company specializing in Fully Homomorphic Encryption (FHE), which enables secure data processing without decryption. Founded in 2020, it focuses on privacy solutions for blockchain and AI, offering tools like fhEVM for confidential smart contracts on Ethereum-compatible chains and Concrete ML for privacy-preserving machine learning. 
Zama has raised $130 million, including a $73 million Series A in 2024, led by Multicoin Capital and Protocol Labs, and a $57 million Series B in 2025, valuing it at $1 billion. Its technology supports use cases like confidential tokens, decentralized identity, and encrypted AI computations.