Nillion, a leader in secure computation networks, has closed a significant $25 million funding round led by Hack VC. This brings its total funding to over $50 million across multiple investment rounds.
Known for pioneering Blind Computing technology, Nillion’s network operates by safeguarding sensitive data. It processes it securely without ever revealing its contents. This breakthrough enables applications across sectors to utilize private data storage and computation securely.
Nillion Funding Surpasses $50 Million Mark
Nillion’s network capabilities have drawn interest from prominent blockchain projects and venture capitalists, driven by its goal to build a decentralized ecosystem focused on redefining privacy. CEO Alex Page highlighted the technology’s transformative potential, stressing the urgent need for robust data protection solutions.
“Data is more valuable than gold and oil, yet it’s constantly stolen and hacked. Nillion is securing it through decentralization, making it unhackable,” Page told BeInCrypto.
Read more: How To Fund Innovation: A Guide to Web3 Grants
This recent funding round included participation from well-known investors in blockchain and distributed computing. These include Hack VC, Distributed Global, and HashKey, formidable backing that highlights Nillion’s potential. Influential backers, including firms and angel investors like Arthur Hayes and Meltem Demirors, see promise in Nillion’s privacy-focused technology. Leaders from projects like Worldcoin and Injective are also showing support.
Nillion focuses on projects at the intersection of blockchain and artificial intelligence, where secure data sharing and storage are crucial. Key partners include NEAR, Aptos, Arbitrum, ZKPASS, and Ritual. The documentation details its use of “privacy-enhancing technologies” (PETs), such as multiparty computation (MPC).
This approach allows users to securely store high-value data on Nillion’s peer-to-peer node network and enables computations directly on masked data, enhancing both security and functionality. The heart of Nillion’s innovation lies in Blind Computing, a concept that permits the secure processing of data without exposing its contents.
Blind Computing’s unique application has attracted partnerships with major blockchain networks, including NEAR, Aptos, Arbitrum, and Mantle. Like the VCs, these partnerships also highlight the demand for secure computation at a time when data breaches and privacy issues are constant concerns to businesses and consumers.
In the last year, VC interest has increasingly flowed into AI and privacy-focused tech companies, concentrated in the blockchain and decentralized infrastructure sectors. As BeInCrypto reported, VCs are keen on AI-driven projects and invested over $213 million in the third quarter (Q3).
The post Privacy-Focused Project Nillion Secures $25 Million Funding Led by Hack VC appeared first on BeInCrypto.
