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Tom Farren
Nov 18, 2021


NYM TECHNOLOGIES RAISES $13M TO DEVELOP SURVEILLANCE-EVASION PLATFORM

The firm is expected to roll-out its mainnet product in the coming months.

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2:07

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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.



Related: DPN vs. VPN: The dawn of decentralized web privacy

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.”

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