A group of university professors and researchers including a Turing award winner have raised $35 million for a non-profit foundation that will support the development of a new blockchain network.

Announced Tuesday, the Conflux Foundation is registered in Singapore and will use the proceeds to fuel work on its network. Backers include venture capital firms Sequoia China and Baidu Ventures, crypto mining firm F2Pool and exchange Huobi, as well as Metastable and IMO Ventures.

With the new capital, the foundation said it’s now looking to expand its 10-person development team. The goal: roll out a testing environment in February and officially launch a new public blockchain around the third quarter of next year.

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