Nillion Raises $20 Million From Investors

Nillion Raises $20 Million From Investors

Nillion startup developers have successfully closed a $20-million funding round. The co-founders are busy building the Web3 platform, which will be based on a decentralized network without blockchain. The round was led by venture capital funds, Distributed Global, as well as AU21, Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto and SALT Fund. More than 150 investors took part.

In an interview with TechCrunch, company founder and CMO Andrew Yeoh emphasized that Nillion is a deep technology infrastructure project, explaining that while blockchain decentralizes the financial sector, his product aims to decentralize all other data.

The goal of the startup is to create a new online infrastructure for protecting, storing and processing data. Companies and their competitors will be able to cooperate with each other without transferring key information, said Yeoh. The decentralized network uses Nil Message Compute (NMC), a mathematical development that in a white paper the company calls a “new cryptographic primitive,” or a way to store and protect information.

As the startup team explained,the Nillion product allows users to calculate secure data very quickly and store it in a secure environment, which cannot be done using the blockchain. According to Yeoh, he sees this project as opening up a whole new universe of use cases for decentralized Web3 technology, significantly expanding the ecosystem.

Nillion CEO Alex Page joined Yeoh in noting that the capital raised will be used to create network technologies and hire engineers. Nillion is currently considering the possibility of cooperation with 30 different companies.

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