Sia Startup raises $750k seed round to further blockchain-powered, distributed storage platform

After 1.0 release, Nebulous targets enterprise expansion

Cambridge, MA - September 7th, 2016

Nebulous today has raised $750,000 for Sia, led by Procyon Ventures and Raptor Group, with participation from Fenbushi Capital and angel investor Xiaolai Li. To date, Nebulous has raised $1.25M in total funding. Sia achieved its 1.0 release in June of this year and the funding will allow the team to accelerate its development and further its use by enterprises.

Sia is a collaborative data storage platform which allows users to store and retrieve large amounts of data quickly and securely. Smart contracts allow users to seamlessly acquire storage from hosts all over the world which have agreed to rent space on their hard drives. Sia’s blockchain-based technology ensure hosts aren’t able to see inside the data they store while guaranteeing the data is available when needed. By creating a marketplace where thousands of hosts bid on a storage contract, this allows the platform to be more reliable and also deliver significant cost savings compared to traditional cloud providers.

"By using encryption, cryptographic contracts, and redundancy, Sia enables a collection of untrusted and unknown machines to be combined into a single logical cloud storage host that is faster, cheaper, and more reliable than traditional cloud storage platforms." David Vorick, cofounder and CEO, said.

Since inception in 2014, Sia’s focus has always been on bringing strong, fully decentralized cloud storage to the world. The first fully decentralized prototype of Sia launched in June 2015, a cloud storage platform that allowed both hosts and renters to participate in a network that had no centralized services or single points of failure. The following year was spent iterating on the tech, focusing on scalability and on an easy-to-use third party API. June 2016 saw the release of the completed API, along with a compatibility promise that all programs and services built using the 1.0.0 API would continue to work with all future versions of Sia.

With its 1.0 release, Sia became the first full-decentralized marketplace for cloud storage to move into production. Moving forward, the company’s primary focus will be on growing the developer community and beginning expansion into the enterprise market. Storage device maker Minebox has announced their forthcoming Minebox NAS will integrate with the platform to allow users to take full advantage of Sia for both storing data as well as renting space onto the network.

"Every team that works with data in a meaningful way, from AI to precision medicine to Industrial IoT, is seeing an explosion in the size of the datasets they want to be able to work with. Sia has the potential to be a game changer for them by fundamentally changing how data is captured, stored, and distributed." said Procyon partner Drew Volpe.

"We are impressed by Sia's distributed cloud storage platform, the community of engaged users, and see an opportunity for Sia to disrupt centralized cloud storage providers with improved security and rationalized storage expense." said Raptor Associate Director Joshua Langsam.

About Nebulous

Nebulous is the parent company to Sia. Currently a team of four, Nebulous’ focus is reliable, decentralized infrastructure to help bring forward the future. Sia is currently the primarily project of the Nebulous team.

About Procyon

Procyon Ventures is an early-stage, venture capital firm based in Boston, MA. Procyon partners with entrepreneurs solving real-world problems using data and machine intelligence, focusing on applications of frontier technologies such as AI, computational biotech, connected sensors, AR/VR, and industrial IoT. We believe in investing with conviction in visionary founders with deep technical experience. Drawing on our network of strategic partners across industries and regions, we help startups think big and grow fast.

About Raptor Group

Raptor Group Holdings is a private investment company backed by the Family Office of Jim Pallotta. Mr. Pallotta has been a professional and personal investor for over 30 years. Raptor Group's culture is relentlessly entrepreneurial, opportunistic, flexible, and nimble; these values comprise the Firm's core DNA and manifest across every aspect of our business. We source and invest in companies across various stages and asset classes, ranging from early stage venture to both private and public equity. Our key investment criteria is the opportunity to leverage the team's operating and strategic expertise and extensive global network to add value and drive results.

About Fenbushi

Founded in 2015, Fenbushi Capital is the first China-based venture capital firm that exclusively invests in Blockchain-enabled companies. Our mission is to accelerate the inevitable future of Blockchain economy by supporting as many companies as possible.

We strongly believe Blockchain technology will play an important role bringing much more transparency, efficiency, and robustness into the global economy. With our experienced partners in both traditional finance and the blockchain technology and many startup companies, we hope to bring this vision into fruition.