Nym Technologies raises $13M to develop surveillance-evasion platform

European security startup Nym Technologies announced a $13 Million funding round, coordinated by Andreessen Horowitz (or a16z), and further participation from venture capital firms Digital Currency Group.

According to Crunchbase financial data, this third round was their largest to date. It followed a seed funding of $2.5m in May 2019, and a Series B raise of $6m in July 2021 led by Polychain Capital.

Nym Technologies is an open source, decentralized infrastructure. It aims to go beyond the traditional third-party privacy services offered by virtual private networks (VPNs), or Tor networks. By using mix network protocols to hide individuals’ metadata footprints and, in turn, avoid the growing influence of mass surveillance online, Nym Technologies aims to exceed the typical third party privacy services offered on VPNs or Tor networks.

Developers have the ability to use the infrastructure to create applications that are privacy-centric and anonymous.

The Nym team has laid out plans for allocating funding to grow their community and expand their product workforce. In the near future, the team plans to launch their decentralized mixnet mainnet and a tokenomic approach for the NYM asset.

It is now official! Read the @a16z Nym investment thesis by @alive_eth and @guywuolletjr #DecentralisedGlobalPrivacy#PrivacyToTheMoon#Nymhttps://t.co/aPXDmWAYzu
— Nym (@nymproject) November 18, 2021

Similar: DPN vs. VPN – The dawn of decentralized privacy

Samantha Bohbot, Digital Currency Group’s platform head, shared her insights into why DCG chose this company to invest in:

“NYM has created a privacy layer that is unique in its kind, capable of protecting against any fierce adversaries and powered by a cryptoeconomic incentive structure. Its technology will set a new standard for user privacy on the internet.

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