LONDON — The decentralized storage company Bundlr Network raised a $5.2 million seed round.
The round was co-led by Framework Ventures, Arweave, Hypersphere Ventures, and Permanent Ventures, and other investors included OpenSea Ventures and Race Capital, according to Bundlr Network this month.
Bundlr Network will use the funds to scale its team for business development, Rust development, and marketing.
The company believes most data is stored on centralized servers that are owned by a singular entity, which presents “many security and manipulation risks.”
Bundlr is intended to offer a fast, multi-chain solution for users to store on Arweave, a permanent and decentralized data storage platform.
Users have instant access to their data, and Bundlr is compatible with leading blockchains, including Ethereum, Solana, and Avalanche, allowing users to pay for data uploads in any major token.
Decentralized, permanent storage is “especially critical for the NFTs ecosystem,” including marketplaces, such as SolSea, according to Bundlr.
Arweave “promises to store your data securely for over 200 years,” said founder and CEO Josh Benaron.
“We are making this future possible by enabling faster and easier access by anyone, anywhere,” Benaron said.