Nillion, a web3 startup aiming to build a non-blockchain decentralized network, closed an oversubscribed round of more than $20 million, the company exclusively told TechCrunch.

“Nillion is a deep technology infrastructure project,” Andrew Yeoh, the company’s founding chief marketing officer, told TechCrunch. “While blockchains decentralize finance, Nillion aims to decentralize everything else and the rest of data.” The startup aims to provide a new internet infrastructure for securing storage and data computation. “Companies and competitors can collaborate without passing on key information,” Yeoh said.

The startup was founded in November 2021 and has bootstrapped operations up until this point, with over 40 employees and no prior funding. The founders include ex-Uber, Indiegogo and Hedera Hashgraph employees, as well as executives from Coinbase and Nike.

The round was led by Distributed Global. Other investors include AU21, Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto and SALT Fund. There were over 150 investors who participated in the raise, in a “conscious decision” to prevent concentrated ownership, Nillion CEO Alex Page said in a statement. In the short term, Nillion plans on focusing on building out and supporting real use cases while launching its network alongside its initial suite of products.