Polychain Hedge Fund & Sequoia China Lead Blockchain Startup Investment Funding
Sequoia China Leads Another Startup Funding With Nervos' $28 Million Round
According to an official statement Blockchain-based startup, Nervos Network has announced the successful completion of its Series A funding round with $28 million said to be the official figures raised by the investors. The funds are set to go into developing the blockchain network that assists enterprises with decentralized applications.
On Wednesday, the venture lists that some of the significant investors included Sequoia China, Wanxiang Blockchain, Polychain Capital, 1KX, and Mutlicoin. Local reports also cite other known investors as having taken part in the successful round, and preliminary statements list USA-based Polychain, Dekrypt Capital, 1confirmation, FBG Capital and Matrix Partners China as some of the strategic investors who lay claim to helping raise the initial funds.
It is also understood that the funds from Nervos' funding round will go into developing the product, engineering team and accelerate the development solutions. Additionally, the new cryptocurrency will help ramp up strategic partnerships by expanding them, accelerating blockchain-based business solutions, develop all the necessary aspects within the Nervos network.
Background on Nervos
The Nervos Network forms a blockchain infrastructure to offers enterprise solutions through the decentralized applications. The Network is a resulting hybrid solution that will combine the benefits for the public and the application chain to allow businesses to develop and deploy the decentralized applications without the need for blockchain infrastructure.
The Nervos project is a product of a team of blockchain and cryptocurrency developers from Ethereum, Yunbi, and imToken looking to build a network of interoperable protocols to offer a transparent structure and design their enterprise applications.
Nervos Network's Co-Founder and former Ethereum Foundation developer, Jan Xie authors a summary on their blockchain network approach.
“Nervos Network is a new endeavor on bringing back decentralization to reality. We propose a new paradigm which we called the Cell model for decentralized applications to make development more flexible, scalable and more accessible to real businesses.”
Additionally, Sequoia China proves their legitimate investment in Nervos through Steven Ji, a partner at the crypto startup funder.
“There is no shortage of blockchain projects, but Nervos Network stands out because it has a clear mission and a well-defined plan for tangible and immediate benefits.”
The investment new within Nervos Network comes barely weeks after Sequoia Capital China reportedly led another multimillion-dollar investment in Bitmain Technologies' Series B round of funding. Not to forget, Sequoia's participation in the $80 million Series B funding for fintech startup, Airwallex.