Tezos Foundation, the Swiss maker of a decentralized blockchain that facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of smart contracts, announced a $50m venture capital commitment.
The fund will back companies looking to build on the Tezos platform. The capital will be partially deployed through venture capital partners to be announced, as well as through a direct venture arm.
Founded by husband and wife team Arthur and Kathleen Breitman, former Morgan Stanley and Accenture workers respectively, Tezos has made history, raising $232m in a two-week fundraiser in July.
In development since 2014, Tezos is a blockchain powered decentralized ledger which aims to let participants directly control the rules of the network to facilitate making smart contracts subject to formal verification, a process used in industries that need to ensure that code works as intended – thus obviating the need for later correction – before it is uploaded to the blockchain.
The startup is currently prioritizing the smart contract language, which will let the larger community of developers around Tezos build applications sooner, as the semantic stabilizes.
Texos’ team also includes Vincent Bernardoff, Bozman Çağdaş, Benjamin Canou, Pierre Chambart, Grégoire Henry, Jill Carlson, Mohamed Iguernlala, Fabrice Le Fessant, Guillem Rieu, Alain Mebsout.