Dfinity, a blockchain-oriented Zug-based startup that plans to develop the “Internet Computer” available worldwide, raised $102 million in a funding round led by investors including venture capital firm Andreessen Horowitz and cryptocurrency hedge fund Polychain Capital. Dfinity plans to use the funds to hire more employees and finance other projects, Dfinity founder Dominic Williams told CNBC.
The startup is currently working to develop a decentralized cloud computing network to compete with Amazon Web Services (AWS) and Microsoft Azure. The fact that Dfinity attracted funds from reputable investors like Andreessen Horowitz shows that the project has a future, with some expecting it to indeed become an AWS rival .
Horowitz made the investment through its new crypto fund a16z crypto. Chris Dixon, a partner at the fund, commented:
“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,” he added.
Other Dfinity investors include SV Angel, Aspect Ventures, Village Global, Amino Capital, Multicoin Capital, and KR1.
In May of this year, Dfinity carried out an airdrop of 35 million Swiss Francs-worth of DFINITY tokens to help its community members become early users. Now, the startup has decided to raise funds via a private sale instead of a public sale.
Dfinity’s main product, the Internet Computer, is described as a public infrastructure that is able to host the next gen of software, applications, and services. Williams believes that the system will be more secure and less expensive given that it will be open source and decentralized.
Earlier, Andreessen Horowitz and Polychain Capital invested $61 million in a funding round conducted in February 2018.