Public chain project Nervos Network has secured $28 million in private placement financing round led by Sequoia Capital China and Wanxiang Blockchain, China Money Network reported.

The round also received support from Polychain Capital, 1kx, Blockchain Capital, Multicoin, and Matrix Partners China, Ceyuan Ventures, imToken and others. The startup plans to use the funding to develop products, build teams, accelerate the development of business blockchain solutions.

Officially announced earlier this month by Jan Xie, Chief Architect and co-founder, Nervos is a “network of scaleable and interoperable blockchains built on top of an open network, built for the enterprise.” It provides a hybrid solution combining the benefits of public and application chains, which will allow businesses to develop and deploy decentralized applications without the need to maintain the blockchain infrastructure themselves.

“It has no doubt about the benefits to the enterprise by using blockchain technology to innovate or improve existing systems, but in actual application scenarios, there are many difficulties in the popularization of blockchain technology, such as scalability and complexity," Xie said. “Nervos Network is committed to minimizing the cost of developing and deploying blockchain applications."

Ji Yue, the partner of Sequoia Capital China, believes that Nervos stands out due to its clear mission and aim to bring real benefits to companies and users using the blockchain.

“We believe that the Nervos team has the vision and technical strength to create such a core network that will drive the industry’s advancement by helping enterprise users unlock/release the full potential of blockchain technology,” said Olla Carlson-Wee, founder and CEO of Polychain Capital.

Nervos Network has already launched its AppChain and currently working on the underlying chain CKB, which is expected to launch in mid-2019.