Inco, a NYC-based company creating a secrecy layer for Ethereum and other networks, has raised $4.5 million in capital.
1kx was leading the round. Circle Ventures, Robot Ventures, Portal VC, Alliance DAO, Big Brain Holdings, Symbolic, GSR, Polygon Ventures, Daedalus, Matter Labs, and Fenbushi were among the other investors.
The company plans to increase operations and development activities with the help of the money.
Under the direction of its founder, Remi Gai, Inco is creating a Web3 secrecy layer that is protected by Ethereum and enabled by fully homomorphic encryption (FHE). It gives current blockchains security and makes it possible to construct decentralized apps (dApps). Using locally certified IBC and externally validated bridges like Hyperlane, Inco is flexible and compatible with various blockchains.
It gives developers the ability to employ encrypted data for a variety of operations, such as addition, division, and comparisons, along with the familiar EVM functionality and ease of development. Without requiring decryption, non-developers like investors and others gain from the insights obtained from this private data.
Together with the announcement, Inco also unveiled the Gentry testnet, which solves Web3’s secrecy issues in order to facilitate its wider adoption.
It is protected by Ethereum using EigenLayer and combines the conventional Ethereum Virtual Machine (EVM) with Fully Homomorphic Encryption (FHE). Programs can manipulate and compute encrypted data without ever decrypting it thanks to cryptography technology.
