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Nebulous closes $3.25M seed round to grow Sia blockchain storage platform

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Nebulous, the company building the Sia decentralized cloud storage platform, today announced it has closed a $3.25 million funding round led by Bain Capital Ventures with participation from Bessemer Venture Partners, A.Capital, Collaborative Fund, Dragonfly Capital Partners, Hack VC, INBlockchain, SV Angel, and other notable investors. The round will help the company scale and accelerate the development and adoption of Sia.

Today’s cloud storage industry, monopolized by tech giants, struggles with fundamental challenges in price, privacy, and reliability. Sia, the leading decentralized cloud storage platform, leverages blockchain technology to create a data storage marketplace that is more robust and more affordable than traditional cloud storage providers. Data storage on Sia currently costs about $1 per TB per month – an order of magnitude cheaper than Amazon S3 – and provides users with true privacy and control over their data.

“Just as all conventional apps need conventional storage, decentralized apps need decentralized storage, which makes decentralized storage a core foundation of decentralized finance and the decentralized web. Sia is in production today, without architectural issues, and without reliance on yet-to-come fundamental technical breakthroughs.”
– Salil Deshpande, partner at Bain Capital Venture

Since company inception, users of the platform have already stored over 4 PB of data across 925,000 storage smart contracts. The Sia network currently has 2 PB of available storage capacity and Sia software has been downloaded over 1 million times. Nebulous has also fostered a thriving community of third-party developers. These contributors have launched file sharing websites like PixelDrain and Goobox, cloud offerings like Filebase and Sia-Cloud, and companion apps like Decentralizer and SiaCentral.

“The Sia developer community has seen massive growth in the past 3 months, including the addition of both consumer-facing and enterprise-facing startups that use Sia to power their applications. These companies have brought substantial adoption and diversification to the Sia ecosystem, and are demonstrating that Sia is making a difference today in the lives of consumers and businesses.”
– David Vorick, Nebulous CEO

New Version Released

In addition to the funding news, Nebulous just released v1.4.1, making Sia production-ready for storage. Version 1.4.1 adds seed-based file recovery, allowing users to backup and restore their files on a new computer using just their 29-word seed. Combined with massively increased scalability to 20 TB per uploader, Sia is now competitive with traditional cloud storage providers. Features slated for release later this year include blazing-fast video streaming, integrations with popular applications, and early CDN capabilities.

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Source: nebulous.tech

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