European security startup Nym Technologies has announced a $13 million funding round coordinated by renowned crypto investor Andreessen Horowitz, or a16z, with further participation by venture capital firms Digital Currency Group, Tayssir Capital, Huobi Ventures, Hashkey and Fenbush.
This third funding round represented their highest raise to date, following seed funding of $2.5 million in May 2019 and a Series A raise of $6 million in July 2021, led by Polychain Capital, according to financial data from Crunchbase.
Nym Technologies is an open-source, decentralized infrastructure that aims to surpass the typical third-party privacy services offered on virtual private networks (VPNs) or Tor networks, by utilizing mix network protocols to obscure individuals' metadata footprints, and in turn, evade the burgeoning influence of mass surveillance on the web.
Developers can also utilize the infrastructure to build applications with an inherent focus on anonymity and privacy-centric online experiences.
The Nym team has outlined plans to allocate the funding to expand their community and their product workforce. The team expects the launch of their decentralized mixnet mainnet, as well as a tokenomic model for the NYM asset, in the near future.
Digital Currency Group head of platform Samantha Bohbot shared some insight into why DCG identified this firm as one in which to invest:
“NYM has built a first-of-its-kind privacy layer, capable of protecting against even the fiercest adversaries, and powered by a crypto-economic incentive structure. We envision its technology setting a new standard in user privacy across the internet.”