Nexus has secured $25 million in a Series A funding to develop verifiable computation through zero-knowledge cryptography.
According to the latest announcement by the company, Nexus revealed that the funding round was co-led by Lightspeed Venture Partners and Pantera Capital. Other participants included Dragonfly Capital, Faction Ventures, and Blockchain Builders Fund.
Total Funding Reaches $27 Million
This investment raised Nexus’s total funding to $27.2 million, reflecting the company’s interest in verifiable computation and zero-knowledge cryptography. The funds will aid the market efforts and expand its engineering team.
“Nexus aims to bring truth to the Internet,” said Nexus founder and CEO Daniel Marin. “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,” stated Marin. “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.”
Nexus secured its initial seed funding of $2.2 million in 2022, led by Dragonfly and included participation from Alliance, SV Angel, and Blockchain Builders Fund.
Scaling Nexus 1.0 to 1 Trillion Hertz
The company focuses on zero-knowledge cryptography to improve speed, security, and usability for developers. This cryptographic method would allow users to verify the truth of statements or data without revealing the underlying information.
It has identified considerable demand for proof generation from firms focused on scaling and securing decentralized infrastructure. Additionally, Nexus anticipated interest from sectors such as artificial intelligence, cybersecurity, cloud computing, and privacy-enhancing technologies.
“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,” said Lightspeed founder Ravi Mhatre.
The company previously introduced Nexus 1.0, its first major release of a zero-knowledge virtual machine. This system incorporated a new cryptographic technique for proof aggregation and featured a modular design to optimize and parallelize verifiable computation across machine clusters.