NEBRA secures $4.5 million funding for zero-knowledge proof technology

NEBRA, an English crypto startup, has successfully closed a $4.5 million funding round that included Pre-Seed and Seed investments led by Nascent and Bankless. The company focuses on research and development in strategies for enhancing privacy and scaling of blockchain technology using zero-knowledge proofs. Additionally, NEBRA received support from notable angels such as Tim Beiko, Kartik Talwar, Nick White, Sandy Peng, and Haichen Shen.

Moreover, 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 utilized for further research on the Shared Settlement Layer (SSL) of the internet, aiming to address the high cost of proof settlement on Ethereum and other blockchains by advancing ZKP technology.

Zero-knowledge proofs offer the potential for on-chain privacy, a crucial aspect for the scalability of blockchains. 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, UPA, a tool developed by NEBRA, demonstrated impressive resilience by processing 1,000,000 proofs within 36 hours.

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