Nym gets $6M for its anonymous overlay mixnet to sell privacy as a service

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Switzerland-based privacy startup Nym Technologies has raised $6 million, which is being loosely pegged as a Series A round. Earlier raises included a $2.5 million seed round in 2019. The founders also took in grant money from the European Union's Horizon 2020 research fund during an earlier R&D phase developing the network tech. The latest […]
Switzerland-based privacy startup Nym Technologies has raised $6 million, which is being loosely pegged as a Series A round.

Earlier raises included a $2.5 million seed round in 2019. The founders also took in grant money from the European Union's Horizon 2020 research fund during an earlier R&D phase developing the network tech.

The latest funding will be used to continue commercial development of network infrastructure, which combines an old idea for obfuscating the metadata of data packets at the transport network layer (Mixnets) with a crypto inspired reputation and incentive mechanism to drive the required quality of service and support a resilient, decentralized infrastructure.

Nym's pitch is it's building "an open-ended anonymous overlay network that works to irreversibly disguise patterns in Internet traffic".

Unsurprisingly, given its attention to crypto mechanics, investors in the Series A have strong crypto ties — and cryptocurrency-related use cases are also where Nym expects its first users to come from — with the round led by Polychain Capital, with participation from a number of smaller European investors including Eden Block, Greenfield One, Maven11, Tioga and 1kx.

Commenting in a statement, Will Wolf of Polychain Capital, said: "We're incredibly excited to partner with the Nym team to further their mission of bringing robust, sustainable and permissionless privacy infrastructure to all Internet users. We believe the Nym network will provide the strongest privacy guarantees with the highest quality of service of any mixnet and thus may become a very valuable piece of core internet infrastructure."

The internet's "original sin" was that core infrastructure wasn't designed with privacy in mind. Therefore the level of complicity involved in Mixnets — shuffling and delaying encrypted data packets in order to shield sender-to-recipient metadata from adversaries with a global view of a network — probably seemed like over-engineering all the way…
Natasha Lomas
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