According to a report from CoinJournal, NuCypher, a platform that offers security and encryption services for distributed systems, has pulled in $4.3 million. This brings the company’s total funding to just over $5 million.
The funds come from a token pre-sale from 13 cryptofunds and venture capital firms. Leading the VC portion of the round was Polychain Capital. Michael Novogratz’s Galaxy Digital Assets Fund, FBG Capital, Compound VC, Satoshi Fund, and Blockchain Korea Partners, and others also participated.
Founded in 2016, NuCypher works to secure and encrypt big data, the blockchain, the cloud, and the internet of things (IoT). The San Francisco-based company differentiates its technology with the ability to transfer data from one public key to another without either party gaining visibility to the contents of the message.
CoinJournal reported NuCypher said that it is “part of that core infrastructure, enabling developers to store, share and manage private data on public blockchains.” The company emphasized it has been “very diligent” in building out its network ahead of its token sale to make it usable “from day one.”
Above: NuCypher CEO MacLane Wilkison (pictured left) and CTO Michael Egorov (pictured right) presenting at FinDEVr London 2017
At FinDEVr London 2017, the company’s CEO MacLane Wilkison and CTO Michael Egorov gave a presentation titled Body Armor for Big Data. The company is planning to hold its public ICO in early 2018. The token of the ICO will be used to ensure computations are correct. The company said that a year from now it will power many decentralized applications, from data exchanges and marketplaces to end-to-end encrypted databases to healthcare apps.
Earlier this summer, NuCypher introduced its decentralized key management system, NuCypher KMS. In May, the company earned finalist spots in Citi Tech’s Tech for Integrity Challenge and in TechCrunch Disrupt NY 2017’s Startup Battlefield. NuCypher also bears the honor of being a Y Combinator alum.