Blockchain Project DFINITY Raises $61M USD

Announcements, Investing | February 8, 2018 By:

Non-profit foundation DFINITY Stiftung has raised $61 million from US venture capital firm Andreessen Horowitz and hedge fund Polychain Capital.

DFINITY Stiftung said the funding will be used to develop its blockchain protocol, aimed to support a public decentralized cloud computing platform. $21 million will go directly to research and development of the network, while the rest is going to DFINITY’s Ecosystem Venture Fund.

DFINITY aims to create a scalable decentralized cloud where smart contract software can run and is conceived as a sister network for ethereum. DFINITY introduces new technology including network protocols and cryptographic constructions focused on extreme performance, scalability and enterprise requirements, much of which might hopefully also be used by ethereum or Enterprise Ethereum derivatives too.

The DFINITY project aims to maintain compatibility with ethereum for Dapp developers, such that their work can run on either network, and maximize the shared code. The company said the platform would allow decentralized versions of tech services like eBay, Uber or Dropbox.

“We’re building a system that will enable the Internet to act as a giant computer,” Dominic Williams, DFINITY’s president and chief scientist said. “It will be an open protocol, it won’t be supported by a company, it will be supported by whoever connects their computers to that protocol.”

Williams said DFINITY’s Ecosystem Venture Fund, which will be co-managed by Dfinity founders and Polychain Capital, will invest in specific projects building applications on the Dfinity platform.

“Though the DFINITY Foundation is well-capitalized, our focus with this financing was to bring in key partners who can provide real strategic value and help distinguish us from the noise in the market,” said Williams.