Nillion raises over $20 million to build new web3 infrastructure Nillion, a web3 startup aiming to build a non-blockchain decentralized network, closed an oversubscribed round of more than $20 million, the company exclusively told TechCrunch. “Nillion is a deep technology infrastructure project,” Andrew Yeoh, the company’s founding chief marketing officer, told TechCrunch. “While blockchains decentralize finance, Nillion aims to decentralize everything else and the rest of data.” The startup aims to provide a new internet infrastructure for securing storage and data computation. “Companies and competitors can collaborate without passing on key information,” Yeoh said. Its decentralized network utilizes Nil Message Compute (NMC), a mathematical development that was created by the team’s chief scientist, Miguel de Vega. (In its white paper, the company calls NMC a “new cryptographic primitive,” which translates loosely to “new way of storing and securing stuff.”) While Nillion’s model is not blockchain-based, it does have a decentralized component to it, meaning that it falls under the larger web3 banner by TechCrunch’s reckoning. It can be thought of as a way to provide decentralized computing power, more generally; the group’s early writings indicate that it will have a token in the future. “Nillion allows for very fast computations of secured data and storage of that data that you can’t do with the blockchain,” Yeoh said. “We look at it as opening up an entirely new universe of web3 use cases that expands the ecosystem significantly.” The startup was founded in November 2021 and has bootstrapped operations up until this point, with over 40 employees and no prior funding. The founders include ex-Uber, Indiegogo and Hedera Hashgraph employees, as well as executives from Coinbase and Nike. FULL ARTICLE: <a rel="noreferrer nofollow noopener" href="https://techcrunch.com/2022/12/12/nillion-raises-over-20-million-to-build-new-web3-infrastructure/" target="_blank">https://techcrunch.com/2022/12/12/nillion-raises-over-20-million-to-build-new-web3-infrastructure/</a>