CyberHash raises $20 million in Lemon-led round

SINGAPORE
– Media OutReach – 30 December
2021 – CyberHash recently raised US$20 million in an early
stage funding round led by venture capital firm Lemon, with participation from
technology investor Alex Zhu.

CyberHash is a Singapore based startup, focusing on
distributed storage solutions. The core team is from AWS Singapore, CyberHash intends
to use the funds raised in the round to expand its cloud storage facility,
which helps to provide a stable、secure and efficient solution to its distributed storage services. The
funds will also be used to increase its operations in Asia, hire 50 employees
and grow mainstream adoption of distributed storage solution.

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.

According to an interview conducted with the COO, he mentioned that at the
advent of web 3.0 the firm would focus on forming high-profile partnerships
with enterprises around the globe. They will also tighten the integration of
their products, ensuring that CyberHash plays a central role in their
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.”

#CyberHash