Chain Reaction

The company's business model revolves around designing and supplying Application-Specific Integrated Circuits (ASICs) and systems for cloud and data center partners. For the blockchain market, Chain Reaction developed the EL3CTRUM product line, a suite of ASICs, hashboards, and full systems for mining SHA256 cryptocurrencies like Bitcoin. These products, built on advanced 3nm process nodes, are designed for high hashing performance and energy efficiency, aiming to offer miners a faster return on investment. The company announced its first blockchain hardware would be generally available in Q1 2023.

In the privacy sector, Chain Reaction is developing the 3PU™ (Privacy Processor), an ASIC designed to accelerate PETs, with a focus on Fully Homomorphic Encryption (FHE). This technology allows for computation directly on encrypted data without needing to decrypt it first, enabling secure data processing in untrusted environments like public clouds. This capability targets industries handling sensitive data, such as finance, healthcare, defense, and government, allowing them to leverage cloud computing without compromising data privacy. The first 3PU™ was expected to launch by the end of 2024. By February 2023, the company had raised a total of $115 million in funding, with a $70 million Series C round led by Morgan Creek Digital, to expand its engineering teams and accelerate product deployment.