Nexus has received $25 million in Series A funding to advance verifiable computation through zero-knowledge cryptography.
The funding round was co-led by Pantera Capital and Lightspeed Venture Partners, as Nexus disclosed in its most recent announcement. Some of the other participants were Blockchain Builders Fund, Faction Ventures, and Dragonfly Capital.
Total Funding Reaches $27 Million
Nexus’s interest in verifiable computation and zero-knowledge cryptography was reflected in the $27.2 million investment, which increased the company’s total funding. The funds will be used to support the market and to expand the engineering team.
Daniel Marin, the founder and CEO of Nexus, stated, “Our objective is to establish the truth on the Internet.” “We aim to introduce a completely novel form of computation to the market: verifiable computation.”
Marin declared, “We think this is a critical milestone for humanity, much like the Internet, cloud computing, and AI.” “We aim to reduce the cost of zero-knowledge proofs by orders of magnitude and make them accessible to all developers.”
Nexus received $2.2 million in initial seed funding in 2022 from a group that also included Alliance, SV Angel, and the Blockchain Builders Fund.
Scaling Nexus 1.0 to 1 Trillion Hertz
The organization concentrates on zero-knowledge cryptography to enhance developers’ security, usability, and efficiency. This cryptographic method would enable users to confirm the accuracy of statements or data without disclosing the underlying information.
It has identified a significant demand for proof generation from companies dedicated to the scaling and security of decentralized infrastructure. Furthermore, Nexus anticipated interest from industries including cybersecurity, cloud computing, artificial intelligence, and privacy-enhancing technologies.
“Verifiable computing is becoming increasingly important in light of the growing demand for privacy preservation and the proliferation of AI.” “Nexus’s innovative approach is expected to render these sophisticated cryptographic techniques both practical and scalable,” stated Ravi Mhatre, the founder of Lightspeed.
Nexus 1.0 was previously introduced as the organization’s initial significant release of a zero-knowledge virtual machine.
This system used a new cryptographic method for combining proofs and was built in a modular way to make it easier to optimize and parallelize computations that can be checked across machine clusters.