Nebra Secures $4.5 Million in Funding for Revolutionizing Privacy and Scalability in Blockchain Technology

Nebra, an English crypto startup, has successfully raised $4.5 million in funding from Pre-Seed and Seed investors led by Nascent and Bankless. The company focuses on research and development of strategies to enhance the privacy and scalability of blockchain technology using zero-knowledge proofs (ZKP). Notable angels such as Tim Beiko, Kartik Talwar, Nick White, Sandy Peng, and Haichen Shen also provided support.

In addition to the funding round, Nebra was selected to participate in the a16z Crypto Startup Accelerator as part of the CSX Spring 2024 cohort in London. The newly raised funds will be used for further research on the Shared Settlement Layer (SSL) of the internet to address the high cost of proof settlement on Ethereum and other blockchains by advancing ZKP technology.

Zero-knowledge proofs offer on-chain privacy, a crucial aspect for blockchain scalability. However, these technologies can be expensive, collectively costing users in the Ethereum ecosystem over $50 million in gas fees during a stress test in 2023. NEBRA’s UPA tool demonstrated impressive resilience by processing 1,000,000 proofs within 36 hours.

Dan Elitzer, co-founder of Nebra, compares their mission to that of Google and Uber in their respective sectors. He envisions Nebra as a pioneering platform that brings economy of scale to blockchain ZKP settlements by offering cost-effective and efficient solutions for users across the blockchain ecosystem.