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Orchid aims to abolish the internet surveillance by attaining $7 million in funding rounds for the development of protocol Orchid aims to abolish the internet surveillance by attaining $7 million in funding rounds for the development of protocol

Chayanika Deka

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Orchid aims to abolish the internet surveillance by attaining $7 million in funding rounds for the development of protocol Orchid aims to abolish the internet surveillance by attaining $7 million in funding rounds for the development of protocol
Source: Pixabay

Securing data in the 21st century has become one of the most important factors for organizations across the globe. These activities had led to rise in surveillance across the major surfing platforms.  

Taking a step in the direction for securing data and putting an end to surveillance, one of the prominent US based blockchain companies, Orchid Labs had raised another $7 million recently during its most recent private offering, as stated in the official announcement made on May 7. 

Following the gathering of new funds, Orchid currently verified that out of focused financing of around $125 million, the San Francisco based company had secured $43 million. This information was announced by the company managers during the documentation of legal papers in the U.S. Protections and Exchange Commission [SEC] in April 2018. A total of  $36.1 million was gathered through a Simple Agreement for Future Tokens at that point. 

Since its establishment in 2017, Orchid is dedicated towards building up an open-source decentralized and surveillance free web. Computer software company was planning to give anonymized web access to its users over the worldwide network. The undertaking has a specific spotlight on individuals who live in nations with major surveillance schemes being backed by the legislative bodies. 

During 2017 funding rounds, the financial specialists in the funding round included Andreessen Horowitz, DFJ, MetaStable, Compound, Box Group, Blockchain Capital and Sequoia Capital from which the San Francisco-based startup had gathered $4.7 million worth of funds in a different financing round. 

As the users were drifting towards user-centric services, the need of user-friendly internet services had grown in the offing. Orchid will be integrating its latest features in order to bridge the gap between the users and surveillance free surfing experience in the offing. 

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.