Decentralized storage platform CESS raises $8M from 13 VC funds
Summary
Decentralized storage platform Cumulus Encrypted Storage System (CESS) raised approximately $8 million from more than 13 venture capital firms, according to a Dec. 28 announcement. The funds will be used to drive technological advancements, expand global operations, and strengthen CESSs position in the decentralized infrastructure sector, a CESS representative told Cointelegraph.According to its documents, CESS is both a blockchain network and a decentralized storage system. CESS aims to be used in large-scale commercial applications.Related: What is decentralized storage, and how does it work?According to the announcement, HTX Ventures, Infinity Ventures Crypto, DWF Labs, Mentha Partners, Vespertine Capital, Web3 Foundation, Singchain Investment, 7 OClock Capital, SolrDAO, FishDAO, OneBlock+, Winkrypto and Polkadot Ecology Research Institute participated in the raise.CESS co-founder and chairman Nicholas Zaldastani claimed that the funds will be used to further develop the protocol:Demand for decentralized storage space has grown rapidly over the course of 2023. Filecoin saw its utilization reach more than 7% in the second quarter, and Arweaves transaction volume surged by over 717% over the course of the year, according to data from blockchain analytics platform ViewBlock. CESS claims that its protocol can be used in a variety of future applications, including Metaverse, NFT, DeFi, streaming media, social media, gaming and real-world assets.