Nexus Secures $25 Million Series A Funding to Advance Verifiable Computation with Zero-Knowledge Cryptography

June 11, 2024 BACK TO NEWS

Nexus, a pioneer in verifiable computation through zero-knowledge cryptography, has successfully closed a Series A funding round, raising $25 million. The latest investment, co-led by Lightspeed Venture Partners and Pantera Capital, underscores growing interest in Nexus's innovative approach to enhancing speed, security, and usability for developers.

The funding round, which also saw participation from Dragonfly Capital, Faction Ventures, and Blockchain Builders Fund, brings Nexus's total funding to $27.2 million. This substantial investment reflects the company's commitment to advancing verifiable computation and zero-knowledge cryptography while expanding its market efforts and engineering team.

Daniel Marin, Nexus's founder and CEO, expressed the company's mission to bring truth to the Internet through verifiable computation. Marin emphasized Nexus's goal of making zero-knowledge proofs accessible to any developer and driving down the cost of zero-knowledge proofs significantly.

Since securing its initial seed funding of $2.2 million in 2022, Nexus has made significant strides in leveraging zero-knowledge cryptography to improve speed, security, and usability for developers. The company has identified substantial demand for proof generation in scaling and securing decentralized infrastructure, as well as in sectors such as artificial intelligence, cybersecurity, cloud computing, and privacy-enhancing technologies.

Ravi Mhatre, founder of Lightspeed Venture Partners, highlighted the importance of verifiable computing in the era of AI and increasing privacy concerns. He praised Nexus's innovative approach, which promises to make advanced cryptographic techniques practical and scalable.

Nexus previously introduced Nexus 1.0, its first major release of a zero-knowledge virtual machine, featuring a new cryptographic technique for proof aggregation and a modular design optimized for parallelized verifiable computation across machine clusters.

As Nexus continues to innovate and expand its capabilities, its Series A funding round marks a significant milestone in advancing the field of verifiable computation and zero-knowledge cryptography, with implications for industries seeking enhanced security, privacy, and scalability in their operations.