NEBRA Secures $4.5 Million Investment for Zero-Knowledge Proof Technology

English crypto startup NEBRA recently concluded a successful funding round, securing $4.5 million in a combined Pre-Seed/Seed Round led by Nascent and Bankless. The company, which focuses on researching and developing strategies for enhancing the privacy and scalability of blockchain technology through zero-knowledge proofs (ZKPs), received support from prominent angels such as Tim Beiko from Ethereum Foundation, Kartik Talwar from ETHGlobal, Nick White from Celestia, Sandy Peng, and Haichen Shen from Scroll.

In addition to its successful funding round, NEBRA received further validation of its potential in the blockchain space by being selected to participate in the CSX Spring 2024 cohort of the a16z Crypto Startup Accelerator in London. This prestigious opportunity underscores NEBRA’s innovative approach and highlights its position as a promising player in the blockchain industry. Being chosen for this accelerator program provides NEBRA with access to valuable resources, mentorship, and networking opportunities, which will undoubtedly contribute to the company’s growth and success in the burgeoning crypto ecosystem.

The recently secured funds will be earmarked for driving research endeavors centered on the Shared Settlement Layer (SSL) within the nascent internet landscape. NEBRA’s primary objective will be to tackle the prevalent issue of high proof settlement costs on Ethereum and other blockchain platforms by propelling advancements in Zero-Knowledge Proof (ZKP) technology. This strategic emphasis is paramount, given the potential of zero-knowledge proofs to bolster on-chain privacy—a pivotal aspect crucial for enhancing the scalability of blockchains. By focusing on this initiative, NEBRA aims to spearhead innovative solutions that effectively address the pressing challenges hindering the widespread adoption and scalability of blockchain technology.

Despite the potential benefits of Zero-Knowledge Proof (ZKP) technology for enhancing on-chain privacy and scalability in blockchain networks like Ethereum, the high costs associated with its implementation have posed a significant barrier for ecosystem users. Collectively, these costs have amounted to over $50 million in gas fees. However, NEBRA is poised to address this challenge head-on by leveraging its expertise in ZKPs. Through innovative research and development efforts, NEBRA aims to reduce the cost of proof settlement on Ethereum and other blockchains, making ZKP technology more accessible and cost-effective for users. By tackling this critical issue, NEBRA is playing a pivotal role in advancing the adoption and scalability of blockchain technology.

In a significant milestone, NEBRA’s technology showcased remarkable resilience during an extensive stress test conducted in 2023. The platform successfully processed 1,000,000 proofs within a span of 36 hours, demonstrating an impressive throughput of 10 proofs per second. Moreover, the average verification latency was around 2 minutes, highlighting the platform’s robustness and scalability under demanding conditions. This achievement underscores NEBRA’s commitment to advancing blockchain technology through innovative solutions and optimized performance.

Dan Elitzer, NEBRA’s co-founder, underscored the company’s ambitious mission to revolutionize blockchain settlements through aggregation, likening it to the transformative impact of Google on information access and Uber on urban mobility. He emphasized NEBRA’s steadfast dedication to delivering cost-effective and efficient Zero-Knowledge Proof (ZKP) settlement solutions to the wider blockchain ecosystem. This commitment positions NEBRA as a pioneering force in the industry, poised to reshape the landscape of blockchain technology and drive widespread adoption of innovative settlement solutions.