Inco raised $4.5 million in investment with the participation of Polygon Ventures

  • Modular blockchain developer Inco has completed its seed round of funding.
  • The project has raised $4.5 million from Circle Ventures, GSR, Polygon Ventures, Robot Ventures, Alliance DAO and venture capital firm 1kx, which led the round.
  • The Inco team also launched the first test network.

The Inco Network team announced the completion of a $4.5 million fundraising.

According to the developers, the investment round was led by the venture capital firm 1kx. The project also received funding from Polygon Ventures, GSR, Robot Ventures, Alliance DAO and Matter Labs.

The firm reportedly began fundraising in September and completed it at the end of 2023. Inco founder Remy Guy explained that the project raised funds through a simple agreement for future equity (SAFE).

Inco is a modular, interoperable layer 1 blockchain network focused on ensuring the privacy of decentralized applications. It can be compared to the modular Celestia and Lava, which is focused on accessibility and working with data.

According to Gemi Guy, zero-knowledge proofs and some other technologies can provide a certain level of privacy. Inco offers homomorphic encryption of information and guarantees data protection on the blockchain.

According to the data provided, the development of a modular blockchain is carried out using the Cosmos SDK software package:

On February 21, 2024, the developers launched the Gentry test network. They plan to roll out another Paillier testnet in the second or third quarter. The launch of the mainnet is expected towards the end of the year.

Inco currently employs eight people. Thanks to the raised capital, management plans to hire several more engineers and continue to work on developing the ecosystem.

Let us remind you that in February the AltLayer company attracted $14.4 million in investments from Polychain Capital, Hack VC and other funds.