HTX Ventures, Infinity Ventures Crypto, DWF Labs and other investment firms took part in the fundraise for a company aiming to improve data storage methods.
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 CESS’s 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. It allows files to be stored on multiple nodes and identified by their hash. It contains four components, or “layers” — blockchain, data storage, content distribution and application layer. It uses a variety of cryptographic protocols to help ensure that data stays permanent, including proof-of-reduplication-and-recovery and multi-format data confirmation. CESS aims to be used in large-scale commercial applications.
Related: What is decentralized storage, and how does it work?
