Quick take:
- The fundraising also attracted participation from angels and contributors from Arbitrum, Worldcoin and Sei.
- Nillion is primarily focused on projects built at the intersection of blockchain technology and artificial intelligence, where data privacy is a focal point.
- The company has already partnered with leading blockchain networks NEAR, Aptos, and Arbitrum among others.
Nillion, a privacy-focused blockchain project using the concept of “blind computing” to ensure data is shared and stored securely on the blockchain has raised $25 million in a funding round led by Hack VC.
The fundraising also attracted angel investors and contributors from leading Web3 companies including Arbitrum, Worldcoin and Sei, CoinDesk reported. The fundraising brings the total raised to $50 million, according to Cointelegraph. It previously reported a $20 million seed round in December 2022, which attracted participation from SALT Fund, TPC Ventures, G1 Ventures, Truffle Ventures, Distributed Global, Everstake Capital and others.
Nillion said in the announcement on Wednesday that it will use the fresh capital to expand “blind computing”, a concept that allows applications to cooperate and process data without having to reveal sensitive information.
The company is targeting projects built at the intersection of blockchain technology and artificial intelligence, where large amounts of data need to be shared and stored securely. Some of Nillion’s partners include leading blockchain networks NEAR, Aptos, Arbitrum, ZKPASS and Ritual.
According to documentation explaining how Nillion secures data, the company leverages “privacy enhancing technologies” PETs, including multiparty computation (MPC) to “enable users to securely store high-value data on Nillion’s peer-to-peer network of nodes, and allow for computations to be executed on the masked data itself.”
“This eliminates the traditional need to decrypt data ahead of computation, enhancing the high-value data’s security,” the document reads.
The company says its network’s ability to enable data computation while still hidden unlocks new use cases like building “tooling for private predictive AI and secure storage and compute solutions for healthcare, passwords, and trading data.”
“It is imperative that data has the upgraded rails to handle the growing needs of secure storage and computation in this brave new world,” Nillion said in its announcement.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
Credit: Source link
