Web3 Startup Nillion Closes $20 Million Funding Round

Nillion, a Web3 startup, raised $20 million in a round-headed by Distributed Global, with participation from HashKey, AU21, Big Brain Holdings, OP Crypto, and others.

The company was created in November 2021 and has been operating on a shoestring budget since then, with over 40 workers and no prior funding.

Ex-Uber, Indiegogo, and Hedera Hashgraph workers, as well as executives from Coinbase and Nike, are among Nillion’s founders. The startup’s goal is to create a new internet infrastructure for secure data storage and computing.

“We were at a position where we could have internally funded this for decades, but we wanted to bring in strong strategic investors and a pool of people that could help this thing grow a lot.

We were able to raise a fairly significant amount of money in the middle of a bear market. Most of our checks and commitment came in after FTX, which is interesting, and we did it without a deck, which is also interesting,” said Andrew Yeoh, the company’s founding chief marketing officer.

Distributed Global led the round. AU21, Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto, and SALT Fund are among the other investors. Nillion CEO Alex Page stated in a statement that more than 150 investors participated in the financing, which was a conscious decision to avoid consolidated ownership.

The funds will be used to develop network technologies and hire engineering personnel.

In the immediate term, Nillion intends to focus on developing and supporting real-world use cases while simultaneously deploying its network with its initial suite of products.

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