European security startup Nym Technologies has announced a $13 million funding round coordinated by popular crypto investor Andreessen Horowitz, or a16z, with additional participation from venture capital firms Digital Currency Group, Tayssir Capital, Huobi Ventures, Hashkey and Fenbush.
According to financial data from Crunchbase, this third round of funding represents the highest growth to date, following an initial $2.5 million series in May 2019 and a series of $6 million in July 2021 led by Polychain Capital.
Nym Technologies is an open source decentralized infrastructure that aims to outperform typical third-party privacy services offered on Virtual Private Networks (VPNs) or Tor networks, using hybrid networking protocols to mask traces of individual metadata and thus prevent the increased impact of massive online surveillance.
Developers can also use the framework to build applications with an inherent focus on anonymity and web application privacy.
The Nym team has outlined plans to allocate funds to expand the community and employees by product. The team expects to launch a decentralized mixnet as well as a token model for NYM’s origin in the near future.
Related: DPN vs. VPN: The Dawn of Decentralized Web Privacy
Samantha Bochbot, Cryptocurrency Group Manager for the platform, shared some thoughts on why DCG has selected this company as a company to invest in:
“NYM has created a first-of-its-kind privacy layer that is able to protect against even the fiercest adversaries and is driven by a crypto-economic incentive structure. We expect the technology to set a new standard for online user privacy.”