Narratives
What the data says about Privacy and ZK as a crypto narrative: the money going in, who puts it there, how much it is talked about and the projects behind it. It says what is happening; it recommends nothing.
Money is moving into Privacy and ZK; Alta (ex Metal) is the project with the most funding there ($47.5M); it has no token yet; its presale: not yet.
- Seeded
- Funded
- Noticed
- Crowded
- Cooling
This week, in plain words
- Privacy and ZK is Seeded since the week of Oct 1: first money from funds, and the news has not noticed.
- This week: 1 new round, $47.5M announced (the week before, 0). The largest: Alta (ex Metal) ($47.5M, led by Index Ventures).
- Top funds in it this month: Balaji Srinivasan (tier 1) and Fenbushi Capital (tier 2).
- First round we know of here for Balaji Srinivasan and Fenbushi Capital.
- It took 0.5% of our news this week, down from 0.6% the week before.
- Its coins did 8.9 pts worse than the market over 7 days.
- Of the 3 projects that raised here, 2 have no token yet.
- Funding activity is down on the previous period (-30%). Market mood: fear (29 of 100). Altcoin index 43 of 100.
Rounds, 30 d2vs 1 before
With top funds1rounds
Raised, 30 d$49.1M2 with a figure
Share of news0.6%122 stories
No token yet2of 3 projects
Twelve weeks i
Rounds a week 1
Share of news 0.7%
Coins vs market ±9 pts
Stage
week to Aug 26this week
rounds with a top fundother roundsshare of newscoins ahead of the marketbehindrebuilt from past data
Read the twelve weeks as a table
| Week to | Rounds | Top funds | Raised | News | Coins vs market | Stage |
|---|---|---|---|---|---|---|
| Nov 11 | 1 | — | $47.5M | 0.5% | -8.9 pts | Seeded |
| Nov 4 rebuilt | 0 | — | — | 0.6% | +0.8 pts | Seeded |
| Oct 28 rebuilt | 0 | — | — | 0.5% | +4.8 pts | Seeded |
| Oct 21 rebuilt | 1 | 1 | $1.6M | 0.7% | +3.7 pts | Seeded |
| Oct 14 rebuilt | 0 | — | — | 0.5% | -2.0 pts | Seeded |
| Oct 7 rebuilt | 1 | — | $3.0M | 0.6% | -4.3 pts | Seeded |
| Sep 30 rebuilt | 0 | — | — | 0.6% | — | — |
| Sep 23 rebuilt | 0 | — | — | — | — | — |
| Sep 16 rebuilt | 0 | — | — | — | — | — |
| Sep 9 rebuilt | 0 | — | — | — | — | — |
| Sep 2 rebuilt | 0 | — | — | — | — | — |
| Aug 26 rebuilt | 0 | — | — | — | — | Cooling |
Projects to watch i
| Project | Last round | Funds | Token | News | Social | Sale |
|---|---|---|---|---|---|---|
| Lighthouse.storage | Oct 2026 · Round · $1.6M | Balaji Srinivasan2Link BuidlBig Brain Holdings+10 | LLL | — | — | Not yet |
| Alta (ex Metal) | Nov 2026 · Series A · $47.5M | Index VenturesBlackbird VenturesCapital 49+2 | No token yet | — | — | Not yet |
| Soda Labs | Oct 2026 · Seed · $3.0M | Nextblock | No token yet | — | — | Not yet |
Funds in Privacy and ZK i
| Fund | Tier | Rounds | This month | Led | Projects | First here |
|---|---|---|---|---|---|---|
| Balaji Srinivasan first time | Tier 1 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| Fenbushi Capital first time | Tier 2 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| Big Brain Holdings | Tier 3 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| Formless Capital | Tier 3 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| Kinetic Kollective | Tier 3 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| LongHash Ventures | Tier 3 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| Protocol Labs | Tier 3 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| Index Ventures | Tier 4 | 1 | 1 | 1 | Alta (ex Metal) | Nov 10, 2026 |
| Blackbird Ventures | Tier 4 | 1 | 1 | — | Alta (ex Metal) | Nov 10, 2026 |
| Capital 49 | Tier 4 | 1 | 1 | — | Alta (ex Metal) | Nov 10, 2026 |
| HASH CIB | Tier 4 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| NGC Ventures | Tier 4 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| Smape Capital | Tier 4 | 1 | 1 | — | Lighthouse.storage | Oct 20, 2026 |
| Square Peg | Tier 4 | 1 | 1 | — | Alta (ex Metal) | Nov 10, 2026 |
Funds that invest together
No two funds have shared more than one round here yet.
Entry valuation vs now
Not yet: no round here gave a valuation for a project that now trades.
After the round i
| Project | Round | Token | Since |
|---|---|---|---|
| Alta (ex Metal) | Nov 10, 2026 | No token yet | — |
| Lighthouse.storage | Oct 20, 2026 | Listed | — |
| Beldex | Aug 1, 2026 | Already traded | -6.8% |
| ILITY | Jul 1, 2026 | Listed | — |
| Canton Network (Digital Asset) | Jul 1, 2026 | Listed | -14.9% |
| Venice AI | Jul 1, 2026 | Listed | -35.7% |
Its rounds i
| Date | Project | Round | Raised | Category | Investors |
|---|---|---|---|---|---|
| Nov 2026 | Alta (ex Metal) | Series A | $47.5M | Privacy and ZK | Index VenturesGoogle Ventures (GV)Blackbird VenturesSquare Peg+1 |
| Oct 2026 | Lighthouse.storage | — | $1.6M | Privacy and ZK | Walrus ProtocolProtocol LabsSmape CapitalKinetic Kollective (ex CSP DAO)+9 |
| Oct 2026 | Soda Labs | Seed | $3.0M | Privacy and ZK | Nextblock |
| Aug 2026 | Beldex | — | $8.0M | Privacy and ZK | Sigma CapitalNxGenNewTribe CapitalDigital Consensus Fund+1 |
| Jul 2026 | QIZ Security | Seed | $17.0M | Privacy and ZK | Bessemer Venture PartnersEvolution Equity Partners |
| Jul 2026 | ILITY | — | $1.0M | Privacy and ZK | Archer Capitaltbv |
| Jul 2026 | Canton Network (Digital Asset) | — | $10.0M | Privacy and ZK | Shinhan Financial GroupStandard Chartered Ventures |
| Jul 2026 | Venice AI | Series A | $65.0M | Privacy and ZK | Dragonfly CapitalCoinbase VenturesNorth Island Ventures (NIV) |
Read Nov 11, 02:42 UTC. Rounds by month are dated the day they became known.