Mind Network, a Web3 data security and privacy platform, announced on June 30 that it had closed a $2.5 million seed round, which attracted key investors such as Binance Labs, the venture capital and incubation arm of Binance.
“We are excited to welcome Mind Network to our ecosystem,” Oliver Birch, Global Head of Chainlink BUILD, noted. “Their innovative approach to data security aligns with our mission, and we eagerly anticipate collaborating with them to shape the future of decentralized applications.”
According to Crypto News, the End-to-end encryption offered by Mind Network gives its users complete control over their personal information and financial activities. Mind Network has signed up for the Chainlink BUILD Program and took part in Season 5 of the Binance Incubation Program. In the funding round, Comma3 Ventures, SevenX Ventures, HashKey Capital, Big Brain Holdings, Arweave SCP Ventures, Mandala Capital, and other investors participated, the report stated.
Mason, CEO of Mind Network, thanked investors for their support.
"This funding will allow us to further develop our ground-breaking technology and speed up the adoption of our platform across various industries, ensuring global data privacy and ownership for our users," he said.
To lay the groundwork for the platform's expansion, Mind Network formed partnerships with protocols such as Chainlink, Consensys, and Arweave. The startup has been able to attract early backers because of the alliances, including major banks, insurance providers, and dApps, the release said.
The project has integrated new ideas such as Zero Trust Security, Zero Knowledge Proof, and their own Adaptive Fully Homomorphic Encryption methods. The company reported Mind Network implements the Zero Trust principles to guarantee that each request is explicitly authenticated and confirmed before allowing access. The process caused centralized infrastructure weaknesses to be removed, resulting in a secure user environment, the report stated.
Mind's other offerings include Mind Studio, Mind SDK, Mind Scan, and Mind Query. The platform used Binance Labs' knowledge in Season 5 of the Binance Incubation Program. Mind Network is dedicated to building a Web3 ecosystem that is based on data privacy and ownership as a participant in the Chainlink BUILD Program, the report stated.
