Mind Network Secures $10 Million in Pre-A Round Funding to Continually Build FHE（Fully Homomorphic Encryption) Layer

On September 26, 2024, Mind Network, an FHE (Fully Homomorphic Encryption) layer, announced that it had raised $10 million in a Pre-A funding round. This funding will significantly accelerate the development of its FHE infrastructure and further solidify its contribution to AI and PoS Networks.

The prominent investors include Animoca Brands, Arkstream Capital, Cogitent Ventures, G Ventures, MH Ventures, Master Ventures, Moonhill Capital, SwissBorg Ventures, IBC Group, and more. Notable angel investors, including Mike Silagadze, CEO of Ether.fi, notable influencers Mario Nawfal, Kyle Chassé, and Mr Block also participated in the round.

Christian Pusateri, Co-founder & CEO of Mind Network: "We are thrilled to have earned the trust and support of so many top-tier investors. This round of funding will help us advance the application of FHE technology and extend the security boundaries of decentralized networks, particularly in AI and PoS networks. We look forward to introducing a more fair and secure voting mechanism to the industry."

MindV - Secure Consensus by Voting with FHE

Fully Homomorphic Encryption (FHE) enables direct computation on encrypted data without decryption, bringing unprecedented security and encryption features to the core voting systems within blockchain ecosystems. The primary use of this funding is to drive the development of Mind Network’s innovative FHE-based consensus solution.

Mind Network recently announced the launch of MindV, which introduces an FHE voting solution to ensure consensus and data security for AI and Proof-of-Stake (PoS) Networks. By partnering with leading restaking protocols, MindV effectively addresses the long-standing trade-off between data security and result verification. Through the creation of a "shared private state" in an encrypted environment, MindV enhances network security via FHE consensus, delivering a significant security upgrade to the Web3 industry.

An important newly introduced concept in MindV is Total Governance Value, which decouples staking assets from voting rights. Users can obtain $vFHE by holding staked assets, allowing them to participate in network consensus and FHE voting.

The first phase of the TGV partners launch includes top networks such as Puffer、Etherfi、Mellow、Manta Network、Stakestone、Solv、Bouncebit、Swell, and Pencils. Through partnerships with these protocols, Mind Network offers a risk-free yield scenario for staked assets while ensuring voting independence by separating staking from voting rights, thus enhancing the consensus security of the entire network.

We're incredibly excited to support Mind Network's mission to revolutionize Web3 security and privacy. Their FHE-powered infrastructure has the potential to unlock new levels of trust and efficiency for AI. The innovative vFHE voting mechanism shows worthy support for expanding Ether.fi's reach and more utility for not only our token but also our ecosystem. We are excited to see what's in store for Mind Network.

Mike Silagadze, Co-founder of Ether.Fi

Mind’s innovative FHE voting mechanism represents a groundbreaking advancement in the Web3 space. By seamlessly integrating PoS and AI, they create new value use cases for Bitcoin staking. At Solv, we believe that offering diverse staking yield opportunities is essential for driving the mass adoption of Bitcoin staking. We’re excited to collaborate with the Mind team and look forward to jointly introducing more innovations to the ecosystem and advancing the industry as a whole.

Ryan Chow, Founder of Solv Protocol

Next Steps

Following this funding, Mind Network plans to expand its operations by integrating more staking protocols and to continue to release supporting infrastructure. Users holding staking assets from partner protocols can redeem $vFHE on Mind Network and participate in FHE voting.

About Mind Network

Mind Network is the first Fully Homomorphic Encryption (FHE) layer for AI and Proof-of-Stake (POS) Networks. The layer accepts restaking tokens from ETH, BTC, and AI bluechips. It operates as an FHE validation network, bringing consensus, data, and cryptoeconomic security to Decentralized AI, DePIN, EigenLayer, Symbiotic, Babylon AVS, and many critical POS networks.