Data security for web3 Privy raises $8m in funding

Data security solution Privy has raised $8m in a funding round as it looks to hire more staff and scale its operations.

The seed round was led by Sequoia Capital and BlueYard Capital. Other contributions camed from Electric Capital, Archetype, BoxGroup, Protocol Labs, as well as a long list of angel investors.

Funds from the round will be used to hire more staff, scale its APIs build more partnerships and develop new products for users.

It claims that the lack of user data in web3 has caused poor user experiences, such as the inability to get an email or the need to constantly sign in and out of apps. Privy aims to bring more streamlined operations to web3.

Privy offers APIs to manage user data so it can be safely and easily be integrated into a product. It claims to bridge the gap between users’ on-chain activity and their off-chain data so they can create great experiences with little risk.

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