CyberHash, a Singapore-based distributed storage solutions startup, has announced raising $20 million in an early-stage funding round led by venture capital investor Lemon with participation from tech investor Alex Zhu.
The startup provides cloud storage facility that provides a stable, secure, and efficient solution to its distributed storage services, as per the announcement.
It will use the fresh capital to expand its facility, increase its operations in Asia, employ 50 people, and increase mainstream adoption of distributed storage solutions. CyberHash’s core team is from AWS Singapore.
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.
Teo earlier said CyberHash would focus on forming high-profile partnerships with enterprises around the globe. The firm will also tighten the integration of its products, ensuring that CyberHash plays a central role in its 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,” Teo said.
According to research, the distributed storage market is expected to expand near twentyfold in 2028 on the back of driver business models and breakthroughs in storage enabling technologies.
In 2019, Germany, Japan, China, and the US, and the UK accounted for 78% of the global market, with Italy, Australia, India, France, and South Korea making up the top 10.