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Nebulous Closes $3.25M in Seed Round

       
BOSTON, MA, Company building the Sia decentralized cloud storage platform, today announced it has closed a $3.25M funding round led by Bain Capital Ventures.
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Nebulous, the company building the Sia decentralized cloud storage platform, today announced it has closed a $3.25M funding round led by Bain Capital Ventures with participation from Bessemer Venture Partners, A.Capital, Collaborative Fund, Dragonfly Capital Partners, Hack VC, INBlockchain, SV Angel, and other notable investors. The round will help the company scale and accelerate the development and adoption of Sia.

Today's cloud storage industry, monopolized by tech giants, struggles with fundamental challenges in price, privacy, and reliability. Sia, the leading decentralized cloud storage platform, leverages blockchain technology to create a data storage marketplace that is more robust and more affordable than traditional cloud storage providers. Data storage on Sia currently costs about $1 per TB per month - an order of magnitude cheaper than Amazon S3 - and provides users with true privacy and control over their data.

"Just as all conventional apps need conventional storage, decentralized apps need decentralized storage, which makes decentralized storage a core foundation of decentralized finance and the decentralized web," said Salil Deshpande, partner at Bain Capital Ventures. "Sia is in production today, without architectural issues, and without reliance on yet-to-come fundamental technical breakthroughs."

Since company inception, users of the platform have already stored over 4 PB of data across 925,000 storage smart contracts. The Sia network currently has 2 PB of available storage capacity and Sia software has been downloaded over 1 million times. Nebulous has also fostered a thriving community of third-party developers. These contributors have launched file sharing websites like PixelDrain and Goobox, cloud offerings like Filebase and Sia-Cloud,and companion apps like Decentralizer and SiaCentral.

"The Sia developer community has seen massive growth in the past 3 months, including the addition of both consumer-facing and enterprise-facing startups that use Sia to power their applications," said David Vorick, Nebulous CEO. "These companies have brought substantial adoption and diversification to the Sia ecosystem, and are demonstrating that Sia is making a difference today in the lives of consumers and businesses."

In addition to the funding news, Nebulous just released v1.4.1, making Sia production-ready for storage. Version 1.4.1 adds seed-based file recovery, allowing users to backup and restore their files on a new computer using just their 29-word seed. Combined with massively increased scalability to 20 TB per uploader, Sia is now competitive with traditional cloud storage providers. Features slated for release later this year include blazing-fast video streaming, integrations with popular applications, and early CDN capabilities.

Interested in Sia for personal or business use? Download today and contact us via Discord or email at hello@sia.tech.

Want to help us re-decentralize the Internet? Nebulous is hiring for positions in engineering and operations. Learn more about our projects and apply today!

About Nebulous
Nebulous builds uncompromising blockchain hardware and software infrastructure for the decentralized internet. This includes Sia, the leading decentralized cloud storage platform, and Obelisk, the USA's leading ASIC mining hardware producer.

Nebulous defines uncompromising infrastructure as scalable, trustless, secure, and - most important - fully decentralized. In a blockchain industry filled with hype but lacking substance, Nebulous stands out as one of the few deeply technical teams that consistently delivers real products with significant potential.

Nebulous, Inc. was founded in 2014 and is headquartered in Boston. Prior to the round led by Bain Capital Ventures, Nebulous was funded by Raptor Group, First Star Ventures, Fenbushi Capital, and INBlockchain.

About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in startups driving transformation across industries, from security and cloud infrastructure to logistics and e-commerce to finance and healthcare. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, Kiva Systems, Lime, LinkedIn, Rapid7, Redis Labs, Rent the Runway, Rubrik, SendGrid, and SurveyMonkey. Bain Capital Ventures has $5.2 billion in assets under management with offices in San Francisco, New York, Boston and Palo Alto. Follow the firm via LinkedIn or Twitter.
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