Nym Technologies raises $13M fund for the development of surveillance-evasion platform

Nym Technologies, the promising European security startup, announces a $13 million fundraising round with renowned crypto investor Andreessen Horowitz (also called a16z). Venture capital firms Tayssir Capital, Hashkey, Digital Currency Group, Huobi Ventures, and Fenbush also participated in the fundraising round.

As per the financial data from Crunchbase, this third funding round marked as the highest raise by the company to date after a $2.5 million seed funding in May 2019 and a Series A fundraise of $6 million in July this year led by the American investment firm Polychain Capital. 

Nym Technologies is a decentralized infrastructure with an aim to surpass the general third-party privacy services available on Tor networks and virtual private networks (VPNs). It being an open-source system, utilizes mixed network protocols to metadata footprints of individuals and evades the flourishing influence of mass surveillance on the web.

As the system is open for developers, they can use the infrastructure to create applications with an absolute focus on anonymity and privacy-oriented online experience.

Nym Technologies sets a new standard in user privacy

The New York-based venture capital company participating in the round known for its crypto investments, Digital Currency Group’s head Samantha Bohbot shared her views into why the company identified Nym Technologies as the one to invest. She stated:

“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.”

Nym Technologies, on the other hand, outlines its plans on allocating the funding to expand its product workforce and community. The team also expects their decentralized mixnet mainnet’s launch in the near future, along with the release of the tokenomic model for the NYM asset.

Once NYM made the announcement about the funding on Twitter, many community members appreciated and congratulated the firm.