Inco Raises $4.5 Million Seed Round Led by 1kx, Launches First Testnet
Inco's recent achievement includes the launch of its inaugural testnet, named Gentry, signaling the commencement of a transformative journey in decentralized applications.
Inco, a modular blockchain developer specializing in confidentiality, has secured $4.5 million in a seed funding round led by 1kx, a crypto-focused venture firm. Other participants in the funding round include Circle Ventures, GSR, Polygon Ventures, Robot Ventures, Alliance DAO, Matter Labs (developer of zkSync), among others. The funding was raised through a structure involving a Simple Agreement for Future Equity (SAFE) plus token warrants.
Founded in August, Inco aims to bring confidentiality to decentralized applications (dApps) through its modular, interoperable Layer 1 blockchain network. Unlike other modular blockchain projects focusing on data availability or access, Inco prioritizes confidentiality. The company's approach integrates fully homomorphic encryption (FHE), ensuring on-chain data remains confidential yet auditable.
Inco's recent achievement includes the launch of its inaugural testnet, named Gentry, signaling the commencement of a transformative journey in decentralized applications. This milestone underscores Inco's commitment to meticulous development and testing, laying the groundwork for a robust and reliable platform.
Central to Inco's architecture is the SDK Cosmos, forming the basis of its modular framework. Leveraging Ethereum through EigenLayer for security, Inco adopts a double-staking mechanism that enhances network security while facilitating interaction with Ethereum, positioning Inco as Ethereum's native privacy layer.
Inco's strategic partnership with Zama, a leading research company in fully homomorphic encryption (FHE), further solidifies its position as a frontrunner in privacy-focused blockchain innovation. With esteemed consultants on board, including Zama Rand Hindi and Sandeep Nailwal, Inco benefits from valuable expertise to navigate the complexities of blockchain development.
Looking ahead, Inco aims to foster a secure ecosystem of decentralized applications, empowering developers to harness the blockchain's potential while safeguarding user privacy. With plans to bolster its team and expand into various departments, Inco is poised for rapid growth and expansion, with future funding rounds on the horizon.
The recent funding success and the launch of Inco's testnet represent significant milestones in the journey towards a more secure, private, and accessible blockchain ecosystem. With its innovative approach and strategic partnerships, Inco is poised to lead the charge towards a new era of decentralized applications, ushering in a future where privacy and innovation converge seamlessly.
