Nillion raises over $20 million to build new web3 infrastructure
Summary
Companies and competitors can collaborate without passing on key information, Yeoh said.Its decentralized network utilizes Nil Message Compute (NMC), a mathematical development that was created by the teams chief scientist, Miguel de Vega. (In its white paper, the company calls NMC a new cryptographic primitive, which translates loosely to new way of storing and securing stuff. We look at it as opening up an entirely new universe of web3 use cases that expands the ecosystem significantly.The startup was founded in November 2021 and has bootstrapped operations up until this point, with more than 40 employees and no prior funding. The founders include ex-Uber, Indiegogo and Hedera Hashgraph employees, as well as executives from Coinbase and Nike.The round was led by Distributed Global. Theres no way web3 or anything hits the mainstream if they cant handle private data.The capital will be put toward building technology on the network and hiring engineering talent, Yeoh said.