Nexus Labs closes $25 million Series A round to scale verifiable computation
Zero-knowledge cryptography firm Nexus Labs has raised $25 million in its Series A funding round co-led by Lightspeed Venture Partners and Pantera Capital, in a move to scale its project.
The team announced in a blog post on Monday that the funding round also drew participants including Dragonfly, Faction and Blockchain Builders Fund. The project previously closed its $2 million seed round led by Dragonfly in late 2022.
The team plans to use the new funding to accelerate the open-source development of Nexus 1.0 as well as the expansion of its engineering team.
What is Nexus Labs doing?
Nexus aims to enable verifiable computation in applications via cryptography and zero knowledge proofs.
The Nexus 1.0 zkVM is a modular zkVM written in Rust, focused on performance and security, according to the team. The zero-knowledge solution will offload a large portion of computational work in dapps. Here, ZK proofs ensure that computations are compressed and verified quickly.
“We aim to scale the Nexus machine to 1 trillion Hertz of compute, and will use the funding to accelerate our collaboration with teams in the space to grow the compute capacity of the zero-knowledge industry,” the team added.
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