Brevis Network, a startup applying ZK technology to perform off-chain computations (processing data outside the blockchain to increase speed and reduce costs), has successfully raised $7.5 million in a seed funding round.
The funding round was co-led by Polychain Capital and Binance Labs, with participation from IOSG Ventures, Nomad Capital, Bankless Ventures, Hashkey, and several anonymous angel investors, Brevis announced on Monday.
Michael Dong, co-founder of Brevis, said the company started fundraising in June and completed it in September. This funding round was structured as a Token Issuance, but Dong did not disclose the valuation after the round.
What is Brevis?
Brevis is a coprocessor network or ZK-based computation network, aiming to enhance the scalability of blockchains through ZK proofs. By performing complex tasks, such as data processing, off-chain and only submitting the verified proofs to the blockchain, Brevis reduces the load on the blockchain network, increasing speed and reducing costs.
"Even with the development of Layer 2 rollups, smart contracts on the chain are still severely limited in their ability to handle complex computations and rely on data," Dong explained.
"For example, performing relatively simple tasks, such as accessing a DEX trader's transaction history without the need for trust, often incurs significant computational costs and latency on any blockchain, including Layer 2. This limitation is why no DEX has yet provided volume-based fee tiers - a standard feature that helps increase revenue and retain users on Centralized Exchanges (CEX)."
