With Naoris Protocol inching closer to rolling out its minimum viable product (MVP) by the end of this year, the organization has received additional funding from its investors. BPMT Trading Ltd and Holdun Family Office have added to their previous investments in the cybersecurity startup, taking their total investment to $22 million. With this fresh capital injection, the total funds raised by Naoris Protocol have reached $31 million. Per the Naoris team, the additional funds will be utilized to scale its decentralized cybersecurity solution.
This additional capital injection comes on the heels of a previous $11.5 million equity and token sale raise from technology companies and venture capital funds, including Tim Draper’s Draper Associates, Holt Xchange, Holdun Family Office, and the Holdun Opportunity Fund, among others.
The Holdun Family Office led Naoris’ first funding round before introducing Canadian investor Marc Wade, institutional investor BPMT Trading Ltd, ATP tennis star Milos Raonic, and several others to Naoris Protocol’s novel cybersecurity solution. Subsequently, BPMT led Naoris’ most recent funding round, which other well-known investors joined.
Commenting on the success of the most recent round, Holdun Family Office CEO and Chairman Brendan Holt Dunn notes, “Holdun has been one of the original investors and supporters of Naoris Protocol, and we continue to believe in their vision and have full confidence that they will become the leader in the cybersecurity industry in no time.”
Answering Cybersecurity Needs With Blockchain Technology
Naoris Protocol leverages blockchain technology paired with AI-based risk management and its proprietary Mesh-based decentralized validator structure to ensure users retain complete control over their personal data and digital security. The platform’s CyberSecurity Mesh HyperStructure uses a DPoSec (Distributed Proof of Security) consensus mechanism that removes the problem of “single points of failure” across the network by transforming every participant into a trusted validator node.
Designed to mitigate cyber threats in real-time, Naoris Protocol operates with a blocktime of less than one second. This represents leaps over existing centralized models that require an average of 287 days to identify a breach and another 80 days to contain it. The balance of high throughput, low fees, and a multi-utility solution makes it applicable for universal use cases.
With the Internet of Things (IoT) gradually gaining popularity, the number of endpoints connected to a network will continue to increase, resulting in an increased number of single points of failure. Moreover, several Web3 solutions and blockchain projects also rely on Web2 products and services, most of which are vulnerable to cyberattacks. Naoris’ CyberSecurity Mesh HyperStructure provides scalable and interoperable identity-based security where all network participants and assets are secured by an integrated structure, regardless of location.
At the same time, the dPoSec mechanism enables each participating device to serve as secure validators in the platform’s decentralized CyberSecurity Mesh. This helps create distributed security layers that fully resolve the single point of failure problem. Since each device works in conjunction with the others and not independently, connected devices can operate in synchronized harmony to ensure end-to-end data security.
“The current centralized status-quo where the hacking of a single device could compromise a whole network is categorically broken and unacceptable.”, explains Naoris Protocol CEO David Carvalho. “Our complimentary, non-competing solution operates at a new layer, a decentralized layer in the defense in depth, where current companies, systems, and processes stand to benefit heavily. This means we will open up a new decentralized cybersecurity and trust enforcement world for applications, systems and hardware.”