Dfinity is flying high on venture capital (VC) money as the start-up dubbed as the “world computer” has raised $102 million in funding. Prominent investors include Polychain Capital and Andreessen Horowitz. The start-up intends to use the money to hire more employees and fund other initiatives. The funding marks the arrival of Dfinity on a large scale as the competitive cloud computing market between Microsoft, Amazon Web Services, and Salesforce welcomes a new competitor.
How Will Dfinity Use the Money?
Dfinity plans to use the VC funds to hire new employees to the company and fund its “other initiatives,” as mentioned by founder and chief scientist Dominic Williams. The company is building a decentralized cloud computing network that could truly disrupt the market and push tech giants like Amazon, Microsoft, and Salesforce out.
The start-up is one of the most promising projects seen in Silicon Valley and is one of the most closely watched companies too. According to some experts, Dfinity’s direct competition is the cloud computing giant Amazon Web Services.
Horowitz’s partner, Chris Dixon, told CNBC that while Dfinity may disrupt the market, it is still in its early stages. He further noted that Dfinity could solve the scalability issue of blockchain networks, which can help support an ever-growing network.
Who Participated in the Funding?
The funding round was led by Andreessen Horowitz and Polychain Capital. Amino Capital, Aspect Ventures, Multicoin Capital, Scalar Capital, SV Angel and Village Global were among the other notable investors in the company. Dfinity, which is based in Palo Alto, California, and Zurich, has already raised $61 million in February from a previous funding round by Horowitz and Polychain. With this latest investment, Horowitz has made his largest crypto investment so far.
Dfinity calls itself “[a] blockchain supercomputer designed to host the next generation of software and services — Cloud 3.0.” It reduces human capital needs and reduces costs of enterprise information technology systems by up to 90 percent. The software systems are autonomous and self-updating, thereby reducing software intermediaries. It also has a ‘Blockchain Nervous System’ that keeps the system protected from attacks, increases efficiency and also helps in bringing broken systems back online.
Blockchain Start-up Building the ‘World Computer’ Gets Andreessen Horowitz Backing was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.