NEW YORK–(BUSINESS WIRE)–Web3 startup Nillion has closed a fundraising of more than $20 million from partners and strategic investors. The project is based on a new mathematical innovation, invented by the professor of cryptography Dr. Miguel de Vega, called Nil Message Compute (NMC) which allows the creation of a non-blockchain decentralized network which aims to open new non-blockchain decentralized networks . use case.
Since its inception in November 2021, Nillion has grown to a staff of over 40 without external funding. Members of the founding teams of Uber, Indiegogo and Hedera Hashgraph, along with key executives from Coinbase and Nike joined forces at Nillion to build the platform. The company aims to become the first non-blockchain decentralized network designed to enable new decentralized use cases while providing private and secure data transfer, storage and computation.
Nillion CEO Alex Page reports that raising more than $20 million from more than 150 investors was a conscious move to prevent typical concentrated ownership among a small number of venture capitalists who might have negative incentives to “empty ” long-term :
“We have seen so many Web3 projects suffer because their network was owned by early stage investors with excessively concentrated stakes. This is exactly why we passed on some Silicon Valley VCs who wanted more than 5% of the tokens to simply lend their name to the project. Instead, we’ve carefully invited a widely distributed group of early contributors who love, support, and add value to the project.
The round was led by Distributed Global and includes investments from Big Brain Holdings, Chapter One, GSR, Hashkey, OP Crypto, SALT Fund and over 150 others.
David Gan, GP at OP Crypto, said, “It’s very rare that a truly novel mathematical innovation is built by an elite ‘Avenger-level’ team. Nillion could open up a new universe of blockchain use cases never before imagined. What proof of work has done for blockchain, I think NMC can do for multiparty computing as a technology.
Another investor, Alex Klokus of SALT Fund, said, “Nillion is a world-class team pursuing an extremely ambitious order-of-magnitude improvement over existing MPC technology. If they succeed, it could be revolutionary.
NMC enables the fragmentation and dispersal of data across the Nillion node network, which creates privacy while allowing the underlying data to be quickly computed. A key feature of the technology is that this process occurs without the need for communication between nodes.
According to the team, the company’s website, and online documents, NMC technology is unlocking new utilities in Web3, such as decentralized credit scoring, decentralized trust execution environments, private NFTs, and decentralized secure storage services. Other promised potential use cases outside of web3 include storing health records on the network while being able to perform analytics on the records without compromising an individual’s right to privacy.
Nil Message Compute (NMC) was developed by Nillion Chief Scientist Dr. Miguel de Vega, who is the author of over 30 patents in the fields of machine learning, data optimization and math. In addition to Dr. Vega, Nillion’s leadership team includes:
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chief technology officer Conrad Whelanthe founding engineer of Uber.
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Cryptography Manager Dr. Elizabeth QuagliaLecturer at Royal Holloway, University of London, one of the world’s leading cryptography institutions.
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Chief executive officer Alex Pageformer investment banker at Goldman Sachs and general partner at Hedera SPV.
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Director of Crypto Tristan Literpreviously CTO of a DeFi platform acquired by AQRU.
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business manager Slava Rubinthe founder and former CEO of Indiegogo.
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Strategy Director Andrew Massantowhich launched two of the top 100 cryptocurrencies – Hedera Hashgraph and Reserve.
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Ecosystem Manager Marc McDermottpreviously Head of Innovation Partnerships at Nike.
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General Counsel Lindsay Danas Cohenpreviously Associate General Counsel at Coinbase and former senior legal counsel at Bloomberg.
Nillion prioritizes ecosystem development early in protocol development and reports significant interest from Web2 and Web3 participants.
“We have received expressions of interest from more than 120 companies interested in testing applications or building on Nillion, which shows the need for a commercially viable private computing network. Data stored on the Nillion network is not only secure, but can also be used for extremely fast private computations,” said Alex Page, CEO of Nillion.
About Nillion
Nillion is a new internet infrastructure for secure data storage and computing. It is a decentralized network (although not a blockchain) that uses a new mathematical innovation called Nil Message Compute (NMC) which represents a generational leap in a technology known as Secure Multiparty Compute (MPC) name. Nillion makes it easy to fragment data across a network of nodes, while enabling the underlying data to be computed at commercially viable speeds.
To know more about the visit of the company www.nillion.com.