Quick take:
- Nexus Laboratories will use the fresh capital to accelerate its go-to-market efforts and expand its engineering team.
- The fundraising brings the total raised to $27.2 million, following a $2.2 million seed round raised in 2022.
- Nexus is building a range of zero-knowledge privacy tools to be used to support technologies like AI, cybersecurity, cloud computing, and privacy-enhancing technologies.
Nexus Laboratories, a Web3 startup building zero-knowledge-powered scaling and privacy tools to support artificial intelligence (AI), cybersecurity, cloud computing, and other privacy-enhancing technologies has completed a $25 million Series A round led by Lightspeed Venture Partners and Pantera Capital.
The fundraising also attracted participation from Dragonfly Capital, Faction Ventures, and Blockchain Builders Fund.
This fundraising brings the total raised to $27.2 million, following a $2.2 million seed round announced in 2022, which was led by Dragonfly and attracted participation from Alliance, SV Angel, and Blockchain Builders Fund.
Nexus offers a technology suite that it believes will help “bring truth to the internet.” Commenting on his company’s goals, Daniel Marin, founder and CEO of Nexus said in a statement: “We want to bring to market an entirely new form of computation – verifiable computation. We believe this is a fundamental step for humanity, as was the advent of the Internet, cloud computing and AI. Our goal is to make zero-knowledge proofs accessible to any developer, and drive the cost of zero-knowledge proofs down by orders of magnitude.”
The company’s suite of tools allows developers to scale their projects, making their zero-knowledge-powered apps faster and more secure. The fundraising also follows Nexus’ launch of Nexus 1.0, “the first major release of its zero-knowledge virtual machine, which introduces a new cryptographic technique enabling highly efficient proof aggregation, the company wrote in a press release.
Commenting on his company’s leading role in the Series A round, Ravi Mhatre, founder and managing partner of Lightspeed said: “With the rise of AI and the increasing need for privacy preservation, verifiable computing is becoming essential. Nexus’s innovative approach promises to make these advanced cryptographic techniques practical and scalable, reducing costs dramatically and setting new standards for secure and efficient computation.”
Lauren Stephanian, general partner with Pantera Capital added: “Nexus is focused on enabling zk-rollups, the largest source of demand for proof generation today.”
Stephanian believes zk-proofs will power thousands of rollups in the coming months and years, which will require proof generation.
Nexus plans to use the fresh capital to expand its team of engineers and build more products. The funds will also be used to support early-stage users in production deployments as the company continues its “engagement with the scientific community.”
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