Bundlr Network Raises $5.2M Investment to make Web3 Data Storage Easier
Bundlr network, a protocol which helps to provide access to Arweave’s decentralised storage system. has secured a $5.2million seed round from 21 investors to make storing data on Web 3.0 infrastructure easier and faster, the company announced on Wednesday. Some of investors include Framework Ventures, Arweave, Hypersphere Ventures and Permanent Ventures.
The news is out!
Thrilled to announce that we raised a $5.2 million seed round from incredible lead investors: @hiFramework, @ArweaveTeam, @hypersphere_, and @permanentvc
We are excited to continue making it fast and easy to store data on web3! pic.twitter.com/4NFGd2qj7s
— Bundlr (@BundlrNetwork) May 4, 2022
Bundlr bundles data aggregated by multiple nodes in its network to create a single data transaction onto Arweave, significantly increasing the amount of data that can be uploaded.
Josh Benaron, Bundlr’s co-founder, said the firm helps to bring permanent and secured data storage to web3 technology, including NFTs, crypto assets, metadata, and code.
“Arweave promises to store your data securely for 200 years. We are making this future possible by enabling faster and easier access by anyone, anywhere,” Benaron said in a statement.
Arweave’s founder, Sam Williams said he wanted everyone to the able to use the technology created at Arweave and looks forward to continuing to work with the Bundlr team.
“That’s why Bundlr is so important. It not only enables more data uploads, but it makes using Arweave faster, easier and scalable,” Williams said.
Michael Anderson, the co-founder of Framework Ventures on his part, said it was “absolutely critical” to support innovations that provide multichain solutions permanent data storage.
“The metrics that Bundlr has been able deliver for the Arweave network are nothing short of incredibl and we believe the project will play a massive role in unlocking adoption in this vertical,” Anderson said.
Founded in April 2021, Bundlr network has processed over 90 percent of data uploads on Arweave supported by its compatibility with multiple chains including Ethereum, Solana, Polygon, Avalanche, Binance Smart Chain. It has also increased the speed of uploads by 3000 percent.
