Amidst the Bear Market, New Math Startup Nillion Assembles ‘Avengers Team’ and Raises $20m+ From Over 150 Strategic Contributors
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New York, New York, 12th December, 2022, Chainwire
Investors bet on new internet infrastructure that the Founding Team of Uber, Indiegogo and Hedera Hashgraph think could create the next crypto bull run
Web3 startup Nillion has closed a $20m+ fundraise from strategic partners and investors. The project is based on a new mathematical innovation, invented by cryptography professor Dr. Miguel de Vega, called Nil Message Compute (NMC) which enables the creation of a non-blockchain decentralized network that aims to open up new, non-blockchain, decentralized use cases.
Since its founding in November 2021, Nillion has bootstrapped to a headcount of over 40 with no external funding. Members of the Founding Teams of Uber, Indiegogo and Hedera Hashgraph, as well as key executives from Coinbase and Nike have joined forces at Nillion to build the platform. The company aims to become the first non-blockchain decentralized network designed to enable new decentralized use cases while providing the private and secure transfer, storage and computation of data.
Nillion CEO, Alex Page, reports that raising $20m+ from over 150 investors was a conscious decision to prevent typical concentrated ownership amongst a small number of venture capitalists who may have adverse incentives to ‘dump’ in the long-term:
“We’ve seen so many web3 projects suffer because their network was owned by early investors with excessively concentrated holdings. That’s exactly why we passed on certain Silicon Valley VCs who wanted over 5% of tokens to simply lend their name to the project. Instead we carefully invited a
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