Quick take:
- Cumulus Encrypted Storage System has raised $8 million from more than 13 venture capital firms.
- The decentralised storage platform will use the fresh capital to expand global operations and strengthen its position in the Web3 infrastructure industry.
- CESS enables developers to store files in multiple nodes and identify them by their hash.
Cumulus Encrypted Storage System (CESS) has announced an $8 million funding round backed by HTX Ventures, Infinity Ventures Crypto, DWF Labs, Mentha Partners, Vespertine Capital, Polkadot Ecology Research Institute, Web3 Foundation, Singchain Investment, 7 O’Clock Capital, SolrDAO, FishDAO, OneBlock+, and Winkrypto.
According to a CESS representative, the company will use the new funds to “drive technological advancements, expand global operations, and strengthen CESS’s position in the decentralized infrastructure sector,” Cointelegraph reported.
According to the CESS website, the company offers a blockchain-powered decentralised storage and content delivery network (CDN) infrastructure for Web3. Users and creators can use the platform for on-chain data sharing, whilst developers can develop and deploy decentralised apps (dApps). CESS enables users to store files in multiple nodes and identify them by their hash.
Commenting on the fundraising, CESS co-founder and chairman Nicholas Zaldastani said: “This funding will enable us to continue our mission of providing the next-gen of global decentralized data services for Web3, which includes support for large-scale commercial use cases that require high-end security, performance, storage, CDN, high-frequency trading and millisecond data retrieval.”
CESS claims its platform can be used in a variety of Web3 applications including “the metaverse, NFTs, DeFi, streaming media, social media, gaming and real-world assets.”
The company’s portfolio of partners includes the likes of One Block+, Hamster, Golang, Intel, Rust Network, and Bootcamp, among others. CESS is also part of Amazon Web Services’ partner network.
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