Nillion, a Web3 startup that’s building non-blockchain decentralized networks has announced that it has raised $20 million in an oversubscribed round led by Distributed Global as it aims to focus on computation technology and peer-to-peer storage.
The startup’s cryptographic technology is known as Nil Message Compute and provides the basic unit of data structures with permissionless, decentralized networking with security and privacy.
Nillion Chief Executive Alex Page commented, “We’ve had expressions of interest from over 120 companies wanting to test applications or build on Nillion, which shows the need for a commercially viable private computation network. Data stored on the Nillion network is not only safe, but it can be used for extremely fast, private computations.”
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Unlike blockchain-based computing, Nillion does not require distributed ledgers that can fully replicate the whole data, and computation doesn’t also require every computation to take place on any single node. This allows the startup to achieve both security and privacy as the nodes are “blind” to the complete data set and are only aware of the small portion of data that has been handed to them to compute.
David Gan, general partner of OP Crypto stated, “It’s very rare to have a truly novel math innovation being built by an elite ‘Avengers level’ team. Nillion could open a new universe of use cases blockchain never imagined. What proof of work did for blockchain, I think NMC may do for multiparty computation as a technology.”
Nillion’s mathematical model was developed by the company’s chief scientist, Miguel de Vega, and the startup has grown to a team of 40 ever since it was founded in 2021.
In addition to Distributed Global, other investors include Big Brain Holdings, Chapter One, GSR, Hashkey, OP Crypto, Salt Fund, and more than 150 other investors.