Binance Labs and MH Ventures Invest in Privasea’s $5M Seed Round

Privasea, which aims to further privacy and security in the distributed computing space, has just announced the close of its official seed funding round.

The round saw the project attract a full $5 million in venture capital in a round that gained participation from some of the industry’s top investors and leading exchanges.

According to the project’s official release, additions to Privasea’s cap table are as follows…

• MH Ventures
• Binance Labs
• Gate Labs
• K300
• Crypto Times

… and several others. Multiple high-profile angel investors also added capital to the round, including Zakaria (zak) Awes and Luke Sheng (of Chainlink).

“These early backers have recognized the potential of Privasea's innovative approach to enhancing data privacy and security in distributed computing”, reads an announcement.

According to the release, the capital will be put to use in enhancing development of Privasea’s core product, as well as expanding its existing user base.

What is Privasea?

Self-described as a “trailblazer in DEPIN+AI technology”, Privasea is set to launch the first decentralized application (dApp), using fully-homomorphic encryption (FHE).

Dubbed the ‘ImHuman’ dApp, the application will leverage FHE to ensure that ‘proof of human’ is executed effectively, providing a novel way to verify genuine human users in the digital landscape.

The novel application itself is, in no small part, a response to the prevalence of both ‘bots’, as well as AI-based impersonations in the industry.

To learn more about Privasea’s cutting edge approach to modern-day problems, make sure to visit the project’s official website, and follow @Privasea_ai on X/Twitter.