Blockchain Startup Nervos Network Raises $28M USD In Series A Funding

Blockchain, Investing | July 18, 2018 By:

Blockchain startup Nervos Network has raised $28 million in its Series A funding round led by Sequoia Capital China and Wanxiang Blockchain. The round also includes several China-based blockchain startups like wallet services Bixin and imToken.

Nervos is a network of scaleable and interoperable blockchains built on top of an open network – which the company calls the Common Knowledge Base (CKB). CKB is built as a security anchor for all blockchains in the Nervos Network. It enables enterprises and application developers to decide what goes into the blockchain. At present, Nervos Network’s AppChain has been launched, and the underlying chain CKB is under development and is expected to be launched in the middle of next year.

The new funding will be used to expand its product and engineering teams, accelerate the development of its enterprise blockchain technologies, as well as ramp up strategic partnerships.

Nervos co-founder Jan Xie, a former researcher and developer with the Ethereum Foundation, said the company aims to create its own public blockchain network.

“While there are undeniable benefits for enterprises that utilize blockchain technology to innovate and improve existing systems, enterprise adoption has been held back by a host of challenges like scalability, security, and complexity,” Xie said. “The new funding will allow us to move full speed ahead as we build an infrastructure that will allow enterprises to reduce the costs of developing and deploying blockchain applications.”

Ji Yue, Sequoia Capital China partner, said that there’s no shortage of blockchain projects but Nervos stands out because it has a clear mission and a well-defined plan to bring tangible and immediate benefits to the most promising segment of blockchain users.