fbpx

Nym Technologies tops with $13 Million Series A

Switzerland-based privacy tech startup Nym Technologies, which is trying to commercialize an old idea for privacy-centric infrastructure (mixnets) by combining it with buzzy crypto incentives, has closed $13 million in Series A investment from Andreessen Horowitz’s crypto-focused fund, following a $6 million raise we covered back in the summer (also loosely pegged as a Series A).

Per Forbes, which had the exclusive on the latest tranche of funding, the round values the nascent European startup at circa $270 million.

Other investors are named as including Barry Silbert’s Digital Currency Group, Tayssir Capital, Huobi Ventures, HashKey, Fenbushi Capital, and “more than two dozen” operators of validator nodes, or servers responsible for verifying transactions on Nym’s network.

Trumpeting the raise earlier this week, founder Harry Halpin tweeted that Nym’s mission is to “see crypto destroy surveillance economy within the next years”.

Although the tweet earned him some instant trolling overtaking VC investment for a privacy-centric project; and, er, for taking VC investment from a fund whose investment portfolio sprawls deep into the surveillance economy — including the likes of privacy-eviscerating adtech giant Facebook and Sam Altman’s (literal) eyeball-scanning crypto dystopia, Worldcoin, both of which have rather more in common with fuelling surveillance than driving privacy. But, hey, no one goes to VC for those kinds of “values.”

According to Forbes, Nym’s test network has around 5,000 nodes and 30 validators at this stage — and is expected to go live at full capacity by the end of this year. Although Halpin told us the test network had around 9,000 nodes when we spoke to him back in July. So quite what full network capacity will mean (in terms of nodes) isn’t clear.

In a further scoop, Forbes reports that the startup has hired former U.S. Army intelligence analyst and whistleblower Chelsea Manning to work on client-side security.

It couches Nym’s beefed-up Series A as a sign of the rising store being placed on privacy infrastructure — quoting Ali Yahya, general partner at Andreessen Horowitz, offering the qualified claim that [emphasis ours]: “Encryption is becoming an incredibly important component of the internet today”; and describing Nym’s tech as serving up “privacy at the very bottom layer as a foundation for other private solutions to be built on top”.

Quite how Andreessen Horowitz valued (or, well, didn’t) encryption in earlier internet decades is certainly one to ponder.

Nym, meanwhile, is using the a16z-led capital injection to expand the size of its team (to up to 30) as it gears up to launch the mainnet — slated to happen sometime in the next few weeks. It is also, per Forbes, planning to award grants to third-party developers to encourage them to build for the network, starting next year.

Nym seems to be Building the next generation of privacy infrastructure. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Nym.

Shishir Gupta, Founder and CEO, of StartupLanes.

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.

For publishing an advertorial article about your company on our website, drop an email at taniya@startuplanes.com

Tags

top