The Web3 frontier is expanding with the advent of new players in the industry. The team behind Nillion, a Web3 solution provider, announced a heartwarming message concerning their fundraising efforts over the last few months.
Since the company started up last year, in 2021, it has been doing well with the money it has raised internally. However, just a few days ago, it announced that it would be raising $20 million to further the company’s goals.
According to the media department at Nillion, the round was a success due to the valuable contributions of prominent VCs, companies, and angels. To be exact, 150 investors, including Distributed Global, which led the round, all put money into this.
With adequate funding, Nillion is well-equipped and set to provide novel infrastructural solutions to the Web3 space. At the moment, the Nillion team is prioritizing three vital action plans.
First, they are on track to hire more brilliant engineers to work on their protocol, since it is a more technical solution. The Chief Marketing Officer of the protocol, in the person of Andrew Yeoh, mentioned to the press that they are already working on this.
Second, the protocol intends to increase its focus on the development of new products with real-world applications. This will revolve around decentralized data storage. Similarly, Nillion also aims to focus more on building its tech and developer ecosystem.
On a third note, the Nillion team has been working on some bi-directional collaborations between Web3 blockchains and Web2 protocols. Yeoh said that the company is talking with companies in healthcare and artificial intelligence about possible partnerships.
Some analysts think that the fact that many infrastructure companies are doing well in Web3 despite the bear market is a sign that the industry is still young and that more people should help make plans for how Web3 can grow.
A Brief Note About the Nillion Tech
As against the belief of many, blockchain is not the only route to achieving a decentralized web, which is often called Web 3. Nillion is one of the leading non-blockchain-based infrastructures that provides decentralized solutions.
Unlike blockchain, which thrives on the symbiotic and interconnected relationships among nodes, Nillion takes a different route. Instead, it utilizes a custom cryptographic mechanism of Nil Message Compute, which is a battle-tested computation stack for efficient data storage and sharing.
Nillion was started by a group of very experienced engineers who have worked at Hedera, Coinbase, and Uber. It is a highly encrypted protocol that is going to change the way Web3 looks and works.