Privacy-centric Startup Nym Technologies Secures $300m in Funding
Annie Li May 05, 2022 04:55
Privacy-centric startup Nym Technologies secured $300 million in financing. The new funding would create the Nym Foundation, support research on hybrid networks and privacy-enhancing technologies, and issue grants to developers.
Privacy-centric startup Nym Technologies secured $300 million in financing from numerous venture capitalists, incentivising developers to leverage Nym's decentralised infrastructure into its ecosystem.
As some blockchain protocols suffer from sensitive data leakage across networks and applications nowadays, Nym Technologies aims to develop infrastructure that uses blockchain technology to mix packets to prevent data leaks and provide people with the best possible privacy.
Funds raised will be used to create the Nym Foundation, support research on hybrid networks and privacy-enhancing technologies, and issue grants to developers. Investors include Andreessen Horowitz, Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, Tayssir Capital, KR1, Lemniscap, and new backer OKX Blockdream Ventures.
Nym CEO Harry Halpin said funding for the project ranges from $50,000 to several million dollars, adding that:
"Cryptocurrency originally had a vision of defending the privacy of ordinary people, but U.S. government funding has historically ignored privacy in favor of NSA mass surveillance. Up until recently, VCs have funded privacy-invasive advertising business models by companies like Facebook."
The company said the first round of grants aimed to "improve internet privacy for the common good".
Nym Technologies has already raised a total of $21.5 million in funding over three rounds. Their latest funding, valued at $13 million, was raised on Nov 17, 2021, from a Series A led by a16z.
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