Naoris Protocol has announced that it has raised $11.5M in funding. Tim Draper-led Draper Associates, Holt Xchange, Holdun Opportunity Fund, Brendan Holt Dunn, Holdun Family Office took part in the investment round along with SDC Management, Expert Dojo, Uniera and Level One Robotics.
The funding will be used to expand the MVP release, planned for the end of 2022. The company would also be focussing on releasing full product capability by 2023 and expand their global presence.
Tim Draper, Founding Partner, Draper Associates said, “Naoris Protocol is creating a unique distributed cybersecurity solution. The team at Naoris sees an enormous market opportunity in cybersecurity and we at Draper Associates are thrilled to be part of their journey.”
Naoris Protocol was founded in 2021 by David Carvahlo. It is built to offer cybersecurity solutions to remote-first and decentralised organisations and supplement existing cyber security defence systems. It uses Mesh-based decentralised validator structure to mitigate threats across every device, every network and every institution.
“Our vision is to leverage the cryptographic power of the many through blockchain to fundamentally change how trust happens between devices and applications on the internet, from individual users to businesses and critical spaces by creating a machine-economy backed cybersecurity enforcement protocol that's unstoppable, permissionless, and credibly neutral,” said David Carvahlo, Naoris Protocol CEO.
Brendan Holt Dunn, CEO and Chairman of Holdun Family Office, “We have had the pleasure of working with David for almost two years now, and have never ceased to be amazed by his intelligence, and commitment to the business. He has built, along with Monica, an amazing company, one that fits a unique and extremely important need across all businesses globally, and we are honoured to be associated with him and excited to see how our investment will help Naoris Protocol achieve such important goals.
She also added that they will stop at nothing to provide the support and financial resources required to bring Naoris to the forefront of the Cybersecurity industry in Web2 and Web3.