Inco, a NYC-based developer of a confidentiality layer for Ethereum and other networks, raised $4.5M in funding.
The round was led by 1kx. Other investors included Circle Ventures, Robot Ventures, Portal VC, Alliance DAO, Big Brain Holdings, Symbolic, GSR, Polygon Ventures, Daedalus, Matter Labs and Fenbushi.
The company intends to use the funds to expand operations and development efforts.
Led by Remi Gai, Founder, Inco is a developer of a confidentiality layer of Web3, empowered by fully homomorphic encryption (FHE) and secured by Ethereum. It enables the development of decentralized applications (dApps), providing confidentiality to existing blockchains. Inco is modular and interoperable with other blockchains using externally validated bridges such as Hyperlane and natively verified IBC. It empowers developers by combining familiar EVM functionality and ease of development with the opportunity to use encrypted data for a wide range of operations like addition, division, and comparisons. In their turn, non-developers, such as investors and others, benefit from insights derived from this confidential data without the need for decryption.
As a part of the announcement, Inco also launched Gentry testnet that addresses the confidentiality challenges of Web3 for its widespread adoption. It combines the traditional Ethereum Virtual Machine (EVM) with Fully Homomorphic Encryption (FHE), and is secured by Ethereum via EigenLayer. This cryptographic technology allows programs to manipulate and compute encrypted data without ever decrypting it.
FinSMEs
22/02/2024