Nexus Secures $25 Million in Series A Funding for Zero-Knowledge Cryptography
In a recent development, Nexus has successfully raised $25 million in a Series A funding round aimed at advancing verifiable computation using zero-knowledge cryptography.
The company disclosed that the funding was co-led by Lightspeed Venture Partners and Pantera Capital, with additional participation from Dragonfly Capital, Faction Ventures, and Blockchain Builders Fund.
This influx of capital brings Nexus’s total funding to $27.2 million, underscoring the company’s commitment to exploring the potential of verifiable computation and zero-knowledge cryptography. The funds will be utilized to bolster market initiatives and expand the engineering team.
Daniel Marin, Founder and CEO of Nexus, emphasized the company’s mission to revolutionize the internet by introducing a novel form of computation known as verifiable computation. Marin expressed his belief that this innovation represents a pivotal advancement for humanity, comparable to the emergence of the Internet, cloud computing, and AI. Nexus aims to democratize access to zero-knowledge proofs for developers and significantly reduce the cost associated with implementing such cryptographic techniques.
Nexus initially secured seed funding of $2.2 million in 2022, with Dragonfly leading the investment round alongside Alliance, SV Angel, and Blockchain Builders Fund.
The company’s core focus lies in leveraging zero-knowledge cryptography to enhance speed, security, and usability for developers. By enabling users to verify the accuracy of information without disclosing sensitive data, Nexus aims to meet the growing demand for secure proof generation in decentralized infrastructure projects. The company anticipates widespread interest from various sectors, including AI, cybersecurity, cloud computing, and privacy-enhancing technologies.
Ravi Mhatre, the founder of Lightspeed, highlighted the increasing relevance of verifiable computing in light of the rising prominence of AI and the pressing need for data privacy. He praised Nexus’s innovative approach in making advanced cryptographic techniques practical and scalable.
Nexus previously introduced Nexus 1.0, a groundbreaking zero-knowledge virtual machine that incorporates a cutting-edge cryptographic method for proof aggregation. This system features a modular design to optimize and parallelize verifiable computation across machine clusters, laying the foundation for future advancements in the field.
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