Last Updated on May 5, 2022
- Bundlr network has completed a $5.2 million funding round to build its Web3 storage product.
- The seed round was co-led by Framework Ventures, Arweave, Hypersphere Ventures, and Permanent Ventures.
- OpenSea Ventures and Race Capital also participated in the fundraising.
Bundlr Network has announced the successful completion of a 5.2 million funding round co-led by Framework Ventures, Arweave, Hypersphere Ventures, and Permanent Ventures. The company said it will use the funds to accelerate the development of its Web3 storage product.
The funding round also attracted the participation of leading Web3 companies including OpenSea Ventures and Race Capital. Bundlr network is creating a service that will make it easier and faster for companies to store data in Web3.
The company wants to make it as easy and fast to store data in Web3 (decentralised servers) as it is in Web2 (centralised servers). Bundlr is looking to eliminate various risks attached to centralised data centres like security and manipulation by providing a fast, multichain solution for users to store on Arweave.
The company claims Arweave is the only permanent and decentralized data storage platform, which makes it virtually impossible to alter, censor, or hack data.
Bundlr’s solution is compatible with multiple blockchains thus enabling users to gain access to data instantaneously.
CEO and founder Josh Benaron said his company is bringing speed and ease to Web3. “Arweave promises to store your data securely for over 200 years. We are making this future possible by enabling faster and easier access by anyone, anywhere,” Benaron commented in a statement announcing the fundraising.
So far, Bundlr is integrated with Solana, Avalanche and Ethereum, allowing users to pay for data packages using any tokens supported by those blockchains.
“Today, Bundlr is responsible for processing over 90% of all data uploaded to Arweave,” the press release statement reads.
The company is targeting the explosive growth of NFT adoption with its product. Given the critical nature of storing data related to ownership of NFTs, it is important to adopt decentralised permanent solutions.
The company points to the fact that non-fungible digital assets, metadata, and code are usually “stored on centralized servers or non-permanent decentralized solutions,” which puts everything at risk.
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