Zero-knowledge technology developer Nil Foundation has raised $22 million in a funding round, bringing its total valuation to $220 million.
Funding Highlights
The investment round for Nil Foundation was led by Polychain Capital. The financing round brought a total of $22 million to Nil with the participation of Blockchain Capital, Starkware, and Mina Protocol, bringing the company’s total valuation to $220 million.
The investment will be used to increase the speed and security of the company’s Proof Market product, which provides zero-knowledge-proof services to layer1 and layer2 blockchains. ZK proof is a cryptographic technique for proving the authenticity of the information you know without revealing its contents to another party.
How Proof Market Works?
Creating a ZK proof is an expensive and time-consuming process for many projects. That’s why many projects rely on third-party companies instead of creating their own ZK proofs. The proof market protocol developed by Nil Foundation can adjust to the specific needs and desires of projects. Mikhail Komarov, the founder of Nil Foundation, said:
“They would need to dedicate themselves, to dedicate their optimization process, to dedicate the hardware selection, to dedicate everything to a particular project, which is [an] all-in strategy, which doesn’t work out to be honest. It’s not only about the cost of a proof, but it’s also about like the timeliness of a proof, so this is one more nuance we had to deal with.”
About Nil Foundation
Nil Foundation is a provider of database management systems and cryptography technologies founded in 2018. The company offers its users database management systems, 17 encryption packages in C++ language, and zero-knowledge proof services that do not require additional performance.
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