Blockchain

Pi Squared Raises $12.5 Million in Seed Funding Led by Polychain Capital to Build a Universal ZK Circuit Powered by Proof of Proof

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    Champaign, Illinois, United States, July 2nd, 2024, Chainwire

     

    Pi Squared, (Proof of Proof), announced the closure of their first capital raise. Led by Polychain Capital, the syndicate includes ABCDE, Bloccelerate, Generative Ventures, Robot Ventures, and Samsung Next. Angel investors include Shumo Chu, Harish Devarajan, Justin Drake, Sreeram Kanaan, Csongor Kiss, George Lambeth, Yilong Li, Calvin Liu, Lucian Mincu, Karthik Raju, and Common Prefix.

    Using zero-knowledge (ZK) technology in a correct-by-construction and fundamentally unique way, Pi Squared will enable trustless remote computing, AI, and interoperable smart contracts for any blockchain or dApp. This will be made possible through the creation of a universal and disarmingly small ZK circuit that checks the integrity of mathematical proofs, which will provide verifiable-computing correctness guarantees to all languages and virtual machines (VMs) alike directly from their formal semantics, without any translation to a common language, VM, or instruction set architecture (ISA).

    “Our mission is to revolutionize verifiable computing, making it universal for all languages and virtual machines, inherently correct-by-construction, and lightning-fast,” says Grigore Roșu, CEO of Pi Squared and CS Professor at University of Illinois Urbana-Champaign. “This will have many applications, including a universal settlement layer (USL) so all Blockchains, L1s and L2s, can be universal, correct, inter-operable and efficient. It does not end there, our long-term mission is to settle all science and knowledge on USL.”

    “Pi Squared’s proof of proof technology will have a transformative impact across Web3 and beyond,” said Karthik Raju, GP at Polychain Capital. “Pi Squared’s universal ZK circuit will significantly increase the reach and applicability of Web3 for everyone, from builders to end users.”

    Pi Squared will enable the next generation of verifiable computing that is universal and scalable with an optimally minimal trust base. The first product powered by Pi Squared is the Universal Settlement Layer (USL), an architecture for modular blockchains that enables the following characteristics:

    Universality

    Computations can be expressed in any high-level or virtual machine language, without the need for compilers or translators.

    Provable correctness

    Computations verified by the USL are mathematically proven to be correct, and any external entity can independently verify the correctness of the state of the USL.

    Trust Base Minimality

    USL exposes any trust assumptions in upper-layer computations for increased transparency, end-user awareness, and will minimize the trust base through correctness proofs.

    App Interoperability

    The USL will support interoperability between different application modules and networks (e.g. appchains).

    Determinism and reproducibility

    The validation is reproducible and independently verifiable by any external entity.

    Pi Squared’s USL therefore provides end-to-end correctness guarantees for generic computations while minimizing the trust base underlying these computations. USL promotes verifiable computing as the standard distributed computing paradigm without requiring or promoting particular domain-specific languages (DSLs), VMs, or execution environments, all while being efficient and scalable.

    Pi Squared will be presenting and exhibiting at events around EthCC in Brussels from July 8th to 11th. Attendees can listen to Pi Squared’s CEO, Grigore Roșu, speak at Restaking & Infra Day on July 8th and L2con on July 9th.

    About Pi Squared

    Pi Squared means ZK proofs of mathematical proofs. Pi Squared uses ZK technology in a correct-by-construction and fundamentally unique way. A universal and disarmingly small ZK circuit provides verifiable-computing correctness guarantees to all languages and VMs alike, without any translation to a common language, VM, or ISA. Pi Squared is led by UIUC professor Grigore Rosu, founder of the K framework and of Runtime Verification, and consists of researchers and founders of successful projects in formal methods, blockchain, and AI/ML.

    To book a meeting with Pi Squared’s CEO and team, attendees can reach out to [email protected].

    To learn more about Pi Squared’s vision and Proof of Proof, visit pi2.network and follow Pi Squared on social media.

     

    Contact

    Head of Marketing
    Chris Hazelton
    Pi Squared Inc
    [email protected]

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    Fanhua Announces Changes to the Board of Directors and Management Team

    2024-10-01T20:35:00Z

    GUANGZHOU, China, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The board of directors (the “Board”) of Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today announces that Ms. Hang Suong Nguyen has been appointed as the new Chairperson of the Board, effective September 30, 2024..

    Ms. Hang Suong Nguyen, Chairperson of the Board

    Ms. Nguyen has over 10 years of investment management experience. Since October 2019, she has been serving as Deputy Director of International Investment Strategy at Voyager Labs Limited, a global leader in advanced AI-based survey solutions, enabling global organizations to gain in-depth investigative insights on entities, individuals, groups and topics. She also served as vice president of Doji group (formerly TTD Technology Development and Trading Company) from 2016 to 2019. Previously, Ms.Nguyen served as head of investment at VNG Corporation from 2013 to 2016. VNG Corporation is Vietnam's leading local digital AI ecosystem, providing diverse products and services through four key business units: gaming, communications and media, fintech and digital services. From 2010 to 2013, she served in management roles for the Empower Consulting Group. Ms. Nguyen obtained her bachelor’s degree in international business from Vietnam National University in 2008 and her MBA degree from Hanoi University of Science and Technology (“HUST”) in 2009.

    The Board also announces that incumbent independent directors Mr. Yunxiang Tang and Mr. Allen Lueth, along with incumbent executive director Mr. Ben Lin, have tendered their resignations from the Board due to personal reasons, effective September 30, 2024. Additionally, Mr. Lin has resigned from the position of Chief Strategy Officer.

    The Board has appointed Ms. Jiaxing Shi as Independent Director and the Chair of the Audit Committee and Mr. Changfu Li as Independent Director and the Chair of the Compensation Committee to fill the vacancies left by the departure of Mr. Tang and Mr. Lueth, effective September 30, 2024.

    Ms. Jiaxing Shi, Independent Director and the Chair of Audit Committee

    Ms. Jiaxing Shi has served as the Investment Operations Manager at YD Network Technology Co Ltd. since March 2024, overseeing the company’s investment strategy, and financial due diligence to optimize long-term returns. Prior to this role, she served as senior audit professionals at UHY LLP and Marcum LLP from 2022 to 2024. Prior to that, she served as senior manager position in financial reporting and investor relations role at Aurora Mobile Ltd. from 2018 to 2022. She received an MBA Degree in Financial Management from Goldey-Beacom College in 2018 and a Master Degree in Accounting from St. John’s University in 2015. She received Bachelor’s Degree in Inner Mongolia University of Finance and Economics in 2013.

    Mr. Changfu Li, Independent Director and the Chair of Compensation Committee

    Mr. Changfu Li has over a decade of experience in senior management, with a focus on strategic operations and cost management across various industries. Mr. Li has served as a consulting advisor at Beijing Shanying Legal Consulting Co., Ltd since November 2023. Prior to this, he served as a procurement supervisor at Shanghai Sanqing Industrial Development Co., Ltd. from June 2010 to March 2020, where he managed procurement operations and contributed to sales strategy planning. And later he was promoted to Vice President of Administration and Purchasing Manager at the company’s Guangzhou branch in March 2020. Before that, from 2006 to 2010, Mr. Li held the position of procurement associate at Zhejiang Shalangsi Craft Co., Ltd. Mr. Li earned his bachelor’s degree in International Economics and Trade from Yanbian University in 2006.

    With the appointment and departure of these directors, the composition of the Board will be adjusted accordingly. Below is the updated list of board members:

    Ms. Hang Suong Nguyen, Chairperson of Fanhua Inc.

    Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua Inc.

    Mr. Peng Ge, Executive Director and Chief Financial Officer of Fanhua Inc.

    Mr. Mengbo Yin, Independent Director and Chair of Nominating and Governance Committee of Fanhua Inc.

    Ms. Jiaxing Shi, Independent Director and Chair of Audit Committee of Fanhua Inc.

    Mr. Changfu Li, Independent Director and Chair of Compensation Committee of Fanhua Inc.

    Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua, commented: “We are thrilled to announce that Ms. Nguyen has been appointed as our new Chairperson, a decision that signifies a major milestone for the Company’s strategic upgrade towards pursuing growth by harnessing the power of artificial intelligence. At the same time, we deeply appreciate the significant contributions that Mr. Yunxiang Tang, Mr. Allen Lueth, and Mr. Ben Lin have made during their tenure. As we look ahead, our commitment to our strategic goals and growth remains unwavering. With Ms. Nguyen at the helm as Chairperson, we are poised to build upon our momentum and achieve even greater heights.”

    Ms. Hang Suong Nguyen, Chairperson of Fanhua, stated: “It is my pleasure to join the Board and take on the role of Fanhua’s Chairperson. I understand the significant responsibility that comes with this position and I am confident in our Company’s future. And I look forward to working with all of Fanhua’s team members to meet challenges and achieve great success together.”

    About Fanhua Inc.

    Driven by its digital technologies and professional expertise in the insurance industry, Fanhua Inc. is the leading independent financial service provider in China, focusing on providing insurance-oriented family asset allocation services that covers customers’ full lifecycle and a one-stop service platform for individual sales agents and independent insurance intermediaries.

    With strategic focus on long-term life insurance products, we offer a broad range of insurance products, claims adjusting services and various value-added services to meet customers’ diverse needs, through an extensive network of digitally empowered sales agents and professional claims adjusters. We also operate Baowang (www.baoxian.com), an online insurance platform that provides customers with a one-stop insurance shopping experience.

    For more information about Fanhua Inc., please visit https://ir.fanhgroup.com

    Forward-looking Statements

    This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

    CONTACT: For more information, please contact:
Fanhua Inc.
Investor Relations
Tel: +86 (20) 8388-3191
Email: [email protected]

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