CyberHash raises $20 million in Lemon-led round
"In a gold rush, sell the shovel" - that is precisely what this Singapore- based blockchain startup is doing to catch the attention of investors around the world.
SINGAPORE - Media OutReach - 30 December 2021 - CyberHash recently raised US$20 million in an early stage funding round led by venture capital firm Lemon, with participation from technology investor Alex Zhu.
CyberHash is a Singapore based startup, focusing on distributed storage solutions. The core team is from AWS Singapore, CyberHash intends to use the funds raised in the round to expand its cloud storage facility, which helps to provide a stable、secure and efficient solution to its distributed storage services. The funds will also be used to increase its operations in Asia, hire 50 employees and grow mainstream adoption of distributed storage solution.
Distributed storage provider is capital intensive, and not all businesses have the resources and means to explore this powerful technology. The firm remedies this painful problem by offering services that businesses can obtain at significantly lower costs. This business model has been termed "storage-as-a-service" by CyberHash COO Jacky Teo.
According to an interview conducted with the COO, he mentioned that at the advent of web 3.0 the firm would focus on forming high-profile partnerships with enterprises around the globe. They will also tighten the integration of their products, ensuring that CyberHash plays a central role in their ecosystem. CyberHash's COO also supplement that " When you take away the barrier to entry, you encourage participation rates to skyrocket. We are adoption-focused, developing open-source tools to enable any organization in any sector to use our toolkits to embrace distributed storage solution in a simple to use and no-code environment."
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