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Bain Capital Co-Leads On-Chain Security Startup Nucleo’s $4M Seed Round - NFTgators

Nicholas Kitonyi 2022.11.23 21:18

Quick take:

  • Nucleo has raised $4 million in a seed round co-led by Bain Capital Crypto and 6th Man Ventures.
  • The company is building a non-custodial multi-sig Ethereum-based blockchain infrastructure to onboard new companies to web3.
  • Nucleo will use the funds to expand its team and integrate its multi-sig infrastructure with existing tools like Gnosis and Juicebox.

Nucleo has announced a $4 million funding round co-led by Bain Capital Crypto and 6th Man Ventures. Nucleo is developing the first private non-custodial, auditable multi-sig privacy infrastructure on the Ethereum blockchain. 

The fundraising also attracted participation from leading privacy infrastructure and zero-knowledge developers including Aztec Network, Aleo and Espresso Systems. Nucleo wants to use the funds to expand its developer team and product offering by integrating its multi-sig infrastructure protocol with existing tools like Gnosis and Juicebox.

Nucleo was founded in November 2021 by Matthew Wyatt and Luke Newman to create a privacy infrastructure for organisations looking to move on-chain. The platform leverages the popular zero-knowledge cryptography and advanced multi-signature to allow organisations to take advantage of web3-based capital allocation and management systems.

Zero knowledge (ZK) is a cryptographic protocol that allows parties to communicate with each other without revealing key information that backs their statements. On the other hand, multi-signature systems leverage multi-party computation protocols to allow different parties to simultaneously authorise transactions in a network while keeping their inputs private. 

Nucleo plans to use the funds to develop blockchain-based privacy infrastructure for private decentralised finance (DeFi) for organisations and multi-chain privacy.

Commenting on the fundraising, Matt Wyatt, Co-Founder and Chief Executive Officer of Nucleo said: “What started as a fun side project, quickly turned into critical technology that unlocks an entirely new design space for the future of organizations to innovate around ownership, financing, employment, rewards and more. Nucleo believes private, multi-sig infrastructure is essential to this future and is focused on leveraging this technology to foster next-generation opportunities that benefit the entire ecosystem.”

On the other hand, Stefan Cohen, a Partner at Bain Capital Crypto lauded Nucleo’s privacy solution saying it is what organisations have been looking for to bring trust, auditability, and accountability to the blockchain.

On the other hand, Mike Dudas, Partner of 6th Man Ventures and Co-Founder of LinksDAO commented: “Nucleo is helping organizations move their assets on-chain through private, non-custodial and auditable multi-sig to enable improved treasury, fundraising, and business operations.”

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