Andreessen Horowitz Backs DFINITY
Foundation in $102M Round|
August 29, 2018
Foundation, developing the Internet Computer, has raised $102
million in its latest funding round. Alongside returning investors
Polychain Capital and Andreessen Horowitz’s crypto fund a16z crypto,
other investors include SV Angel, Aspect Ventures, Village Global,
Multicoin Capital, Scalar Capital and Amino Capital.
Many DFINITY community members also participated in the latest
funding round. The news comes just weeks after DFINITY conducted an
airdrop of 35 million CHF worth of tokens to DFINITY community
members to help them become early users of the Internet Computer.
Speaking on the announcement founder and Chief Scientist Dominic
Williams said “The Internet Computer is a public infrastructure that
aims to host the world’s next generation of software and services.
The platform provides a novel means to develop and host new software
systems where R&D costs can be 90% lower, yet hosted systems are far
more secure since the Internet Computer is unhackable, and are
always available, highly interoperable and better able to preserve
the privacy of confidential data”.
“We are excited to back DFINITY’s Internet Computer and their vision
to host the world’s next generation of software and services on a
public network. The Internet Computer is on track to become a
critical piece of the future technology stack. This is
groundbreaking and a real testament to Dominic and the incredible
team at DFINITY.” said Chris Dixon, Partner at a16z crypto.
The network also hosts a new kind of “autonomous software”, intended
to support the creation of “open Internet services” that play
equivalent roles to Uber, Dropbox, LinkedIn and Salesforce. These
will exist as running open source software that updates itself using
inbuilt governance that can provide hard guarantees to users about
how their data might be used, and conversely, provide guarantees to
startups wishing to build on or extend their functionality that
access won’t be revoked, reducing the platform risk* new projects
has pioneered numerous technologies such as Threshold Relay and
Probabilistic Slot Consensus, which allow blockchain networks to
operate with far greater speed and security, and ultimately
scale-out their capacity. The DFINITY network has demonstrated large
testnets finalizing software computations in under 5 seconds
(Bitcoin 3600, Ethereum 600), representing immense technological
progress. DFINITY also builds on the crucial WebAssembly virtual
machine standard for universal software co-designed by a DFINITY
staff engineer, which all of the major Web browsers now support.
DFINITY has attracted the industry’s brightest minds to work on the
latest and most cutting edge developments in public blockchain
including Timo Hanke, the creator of AsicBoost, Ben Lynn, the “L” in
BLS Cryptography, and Andreas Rossberg, co-creator of WebAssembly,
among others in an extraordinarily talented team.
DFINITY is planning to continue public demonstrations of its
technology through 2018, with the launch of initial public network
towards the end of the year. The additional funding will help
support development of the DFINITY network and related technologies
and network launch.