Storj Labs Finalizes $3M In Seed Funding For Its Open Source Distributed Cloud Storage Platform

Storj Labs has announced the finalization of $3M in seed funding for its open source distributed cloud storage platform that delivers peer to peer to storage using blockchain technology and cryptography. Google Ventures, Qualcomm Ventures, Techstars and angel investors from venture capital firms in addition to Cockroach Labs, Ionic Security and Pindrop Security are amongst the company’s early investors.The Storj Labs storage platform uses “farmers” who rent space on their own hard drives and storage infrastructures to other users. Storj Labs claims that the decentralization of its storage platform enables enhanced security and lower costs as compared to storage solutions offered by vendors such as Amazon Web Services, Microsoft Azure and the Google Cloud Platform. Because only end users have the encryption keys to their stored data, farmers cannot access data stored within the infrastructure they are providing to Storj Labs. Furthermore, the inherent decentralization of its platform means hackers and data thieves have no central servers to attack, compromise or destroy. Storj Labs currently boasts over 15,000 API users and more than 7,500 farmers. The company aims to disrupt cloud storage with improved performance, security and lower costs by means of its decentralized, peer to peer, client-side encrypted storage solution.

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