CyberHash, a Singapore-based startup focusing on distributed storage solutions, recently raised $20 million in an early stage funding round led by venture capital firm Lemon, with participation from technology investor Alex Zhu.
CyberHash said in a statement that it 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, it added.
According to CyberHash, distributed storage provider is capital intensive, and not all businesses have the resources and means to explore this powerful technology.
It said 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 Chief Operating Officer Jacky Teo, it said.
According to an interview conducted with Teo, he mentioned that at the advent of web 3.0 the firm would focus on forming high-profile partnerships with enterprises around the globe.
He said that they will also tighten the integration of their products, ensuring that CyberHash plays a central role in their ecosystem.
“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,” said Teo.