Nexus Laboratories, a Web3 startup, has secured $25 million in a Series A round led by Lightspeed Venture Partners and other investors.
The $25 million Series A round led by Lightspeed Venture Partners and Pantera Capital has been completed by Nexus Laboratories, a Web3 startup that is developing zero-knowledge-powered scaling and privacy tools to support artificial intelligence (AI), cybersecurity, cloud computing, and other privacy-enhancing technologies.
Faction Ventures, Blockchain Builders Fund, and Dragonfly Capital also participated in the fundraising.
After a $2.2 million seed round led by Dragonfly with participation from Alliance, SV Angel, and Blockchain Builders Fund in 2022, the total amount raised to date is $27.2 million.
With its array of technological products, Nexus hopes to “bring truth to the internet.” Daniel Marin, the founder and CEO of Nexus, made the following comment about the objectives of his business: “We want to bring to market an entirely new form of computation—verifiable computation.” Like the development of the Internet, cloud computing, and artificial intelligence, we think this is a crucial step forward for civilization. Our objective is to significantly reduce the cost of zero-knowledge proofs and make them available to all developers.
With the help of the company’s toolkit, developers can expand their projects and create faster, more secure zero-knowledge apps. The investment comes just after Nexus released Nexus 1.0, the business said in a news release, “the first major release of its zero-knowledge virtual machine, which introduces a new cryptographic technique enabling highly efficient proof aggregation.”
“Verifiable computing is becoming essential with the rise of AI and the increasing need for privacy preservation,” stated Lightspeed’s founder and managing partner Ravi Mhatre in reference to his company’s leadership position in Series A financing. Because of Nexus’ creative methodology, these cutting-edge cryptographic algorithms should become widely applicable and scalable, drastically lowering costs and establishing new benchmarks for safe and effective computing.
The statement “Nexus is focused on enabling zk-rollups, the largest source of demand for proof generation today,” was added by Lauren Stephanian, general partner at Pantera Capital.
According to Stephanian, zk-proofs will power thousands of rollups in the coming months and years, necessitating proof generation.
With the additional funding, Nexus intends to hire more engineers and develop more products. The company will also utilize the funding to maintain its “engagement with the scientific community” in addition to supporting early-stage users with commercial deployments.