NEBRA, a crypto startup based in England, has successfully secured $4.5 million in funding during its recent funding round. The round was led by Pre-Seed and Seed investments from Nascent and Bankless, with support from notable angels such as Tim Beiko, Kartik Talwar, Nick White, Sandy Peng, and Haichen Shen.
The company’s focus is on research and development of strategies for enhancing privacy and scaling of blockchain technology using zero-knowledge proofs (ZKP). With the newly raised funds, NEBRA aims to continue its work on the Shared Settlement Layer (SSL) of the internet to address the high cost of proof settlement on Ethereum and other blockchains.
Zero-knowledge proofs offer a potential solution for on-chain privacy but can be expensive. During a stress test in 2023, UPA, a tool developed by NEBRA demonstrated impressive resilience by processing 1,000,000 proofs within 36 hours.
Dan Elitzer, co-founder of NEBRA compares the company’s mission to the revolutionary impact of Google and Uber in their respective sectors. He envisions NEBRA as a pioneering platform that brings economy of scale to blockchain ZKP settlements, offering cost-effective and efficient solutions for users across the blockchain ecosystem.
Additionally, NEBRA was selected to participate in the a16z Crypto Startup Accelerator as part of the CSX Spring 2024 cohort in London.