European security startup Nym Technologies has announced a $ 13 million financing round, coordinated by renowned crypto investor Andreessen Horowitz (a16z) and involving venture capital firms Digital Currency Group, Tayssir Capital, Huobi Ventures, Hashkey and Fenbush participate.
This third round of funding was the largest round to date, following a $ 2.5 million seed funding in May 2019 and a Series A raise of $ 6 million in July 2021, led by Polychain Capital, according to financial data from Crunchbase .
Nym Technologies is an open source, decentralized infrastructure that aims to surpass the typical third-party data protection services offered on Virtual Private Networks (VPNs) or Tor networks by using mixed network protocols to keep the metadata footprint of Disguising individuals and in turn bypassing the burgeoning influence of mass surveillance on the Internet.
Developers can also leverage the infrastructure to build applications with an inherent focus on anonymity and privacy-centric online experiences.
The Nym team has outlined plans to provide the funding to grow their community and product staff. The team expects to launch its decentralized Mixnet mainnet as well as a tokenomic model for the NYM asset in the near future.
And it’s official! Read @ a16z Nym investment thesis by @alive_eth and @guywuolletjr # DecentralizedGlobalPrivacy # PrivacyToTheMoon # Nymhttps: //t.co/aPXDmWAYzu
– Nym (@nymproject) November 18, 2021
Similar: DPN vs. VPN: The Dawn of Decentralized Web Privacy
Samantha Bohbot, Head of the Digital Currency Group Platform, shared why DCG identified this company as one for investing:
“NYM has built a unique data protection layer that can protect against even the toughest adversaries and is powered by a crypto-economic incentive structure. We envision his technology setting a new standard for online user privacy. “