Nervos Network, a Chinese blockchain startup founded by a former researcher and developer of the Ethereum Foundation, has announced today July 18, that it has raised $28 million to develop its enterprise blockchain solutions.
According to a statement shared with Cointelegraph, Nervos has secured investment from a number of blockchain-related enterprises, including crypto hedge fund Polychain Capital and venture capital firm Sequoia China.
Nervos will use the new capital to expand its product and engineering teams, accelerate development of its enterprise blockchain solutions, and form strategic partnerships. The company is aims to provide a hybrid solution that combines a secure public blockchain and an application chain. This will reportedly let enterprises develop and deploy decentralized applications (DApps) “without committing their entire tech stack to the blockchain.”
Co-founder and chief architect of Nervos Jan Xie said in the statement that the investment will allow the company to “move full speed ahead as we build an infrastructure that will allow enterprises to reduce the costs of developing and deploying blockchain applications.”
The interest in investing in cryptocurrency and blockchain projects is shared by other venture capital firms around the world. Last week, an American venture capital firm Lightspeed Venture Partners raised $1.8 billion, which it plans to invest in startups active in fields from cryptocurrency and biotechnology to the cosmetics industry.
This spring, Rockefeller’s venture capital Arm Venrock Partners announced a partnership with crypto investment group Coinfund to support cryptocurrency and blockchain business innovation.