Crypto fund KR1 invests $200K into seed round for privacy layer service Automata Network

KR1 led the seed funding round alongside Alameda Research and other respected investors such as IOSG Ventures, Divergence Ventures, and Genesis Block...

Crypto fund KR1 invests $200K into seed round for privacy layer service Automata Network

KR1, a crypto/blockchain asset investment company, has announced that it invested a total of USD $200,000 into Automata Network’s seed funding round and will receive a yet-to-be-determined amount of Automata (ATA) tokens.

Automata Network is a decentralized protocol that provides middleware-like traceless privacy services for decentralized applications on multiple platforms including: Ethereum, Polkadot, and Binance Smart Chain, to achieve privacy, high assurance, and frictionless computation.

“Where Automata Network differs from the existing market is our wide-lens focus, not only on ensuring uncompromised privacy, but also in the purposeful design of our services to be seamlessly integrated onto existing platforms such as Ethereum and Polkadot. Blockchain is increasingly being defined by, and as, an era where community is such an integral part of the value creation process. With the deployment of Automata Network, we aim to make every user interaction along the data chain private, intuitive and secure once more.”
– Deli Gong, Co-Founder of Automata Network

The Automata Network team started the project in 2019; with the relevant research having been published in top tier conferences like Usenix Security and RAID. Recently, Automata Network received a grant from the Web3 Foundation and successfully completed the ‘Web 3.0 Bootcamp’.

“We have witnessed the abuse of private data in the Web 2.0 era and its severe consequences for the public. Privacy services like Automata form a crucial element in the vision of a fully decentralised web and allow developers and their users to finally take back control. With services such as front-running prevention for traders, anonymous voting, tamper proof data sources for oracles and speedy cross chain transactions; we see Automata as a key infrastructure piece in the emerging Web 3.0 stack and a brilliant addition to the KR1 portfolio.”
– Keld van Schreven, Managing Director and Co-Founder of KR1