Nillion, a Web3 startup planning to construct a non-blockchain decentralized network, closed an oversubscribed round of more than $20 million.
Andrew Yeoh, the company’s founding chief marketing officer, said, “Nillion is a deep technology infrastructure project. While blockchains decentralize finance, Nillion aims to decentralize everything else and the rest of data.” The startup expects to give another web infrastructure for securing storage and data calculation. He also said, “Companies and competitors can collaborate without passing on key information.”
Its decentralized organization uses Nil Message Compute (NMC), a mathematical development made by the team’s chief scientist, Miguel de Vega.
While Nillion’s model isn’t Blockchain-based, it still has a decentralized part that allows it to be called under the narrative of Web3. It may be considered a method for giving decentralized figuring power, all the more by and large; the gathering’s initial compositions show that it will have a token later.
Yeoh also said, “Nillion allows for very fast computations of secured data and storage of that data that you can’t do with the blockchain. We look at it as opening up an entirely new universe of Web3 use cases that expands the ecosystem significantly.”
The startup was established in November 2021 and has bootstrapped tasks up until now, with more than 40 workers and no earlier subsidizing. The founders include ex-Uber, Indiegogo, and Hedera Hashgraph workers and executives from Coinbase and Nike.
Distributed Global drove the round. Investors include AU21, Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto, and SALT Fund. There were more than 150 investors who partook in the raise, in a “conscious decision” to forestall concentrated ownership, Nillion Chief Alex Page said in a proclamation.
Due to the crypto bear market and the FTX breakdown, Yeoh accepts this capital raise and focuses on the business’ revenue in Web3 infrastructure and actual use cases. “We’re building an unavoidable framework. There’s no way Web3 or anything hits the mainstream if they can’t handle private data.”
Yeoh said the capital would be placed toward building innovation in the organization and recruiting engineering talent. He added that until this point, Nillion had signed 30 letters of purpose.