Distributed Cloud Storage Provider Storj Labs Raises $3 Million

This is a Press Release edited by StorageNewsletter.com on 2017.02.24
Source URL: http://www.storagenewsletter.com/rubriques/start-ups/distributed-cloud-storage-provider-storj-labs-raises-3-million/

Based in Atlanta, GA, and founded in 2014, Storj Labs, Inc., a distributed cloud storage provider, has raised $3 million in a seed financing round to advance its open source, distributed cloud storage platform, Storj (pronounced ‘storage’).

The offering was oversubscribed. Angel investors from venture capital firms, Qualcomm Ventures and Techstars, as well as industry leaders in the technology security space, including Cockroach Labs, Ionic Security, and Pindrop Security, Inc. are among the early backers.

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Storj provides a decentralized, end-to-end encrypted cloud storage solution to use blockchain technology and cryptography to secure files. As an open source project, it unites a large and growing community of developers who are committed to building tools, applications and products that are private by design.

Data centers serve as the hub of cloud storage capabilities for cloud giants like Amazon, Microsoft, and Google. But data centers come with a high price tag for developers, providers and users, with an even higher cost for data failures and security breaches. From physical servers and networking equipment to other infrastructure demands like electricity, cloud service providers spend billions of dollars every quarter just to maintain or grow their service offerings.

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