W3 Storage Lab Raises $3 Million in Pre-Seed Financing Round
Software Developer to Create a Suite of Killer dApps that Leverage Next-Generation Protocol and Marketplace for Decentralized Storage
SUNNYVALE, Calif., Aug. 18, 2022 /PRNewswire-PRWeb/ — W3 Storage Lab, a Web3 decentralized application company, announced that it closed a pre-seed financing round of $3M. The round was co-led by Draper Dragon and OKX Blockdream Ventures with major participation from Lingfeng Capital and participation from other investors. Proceeds from the round will be used to grow its global team and fund operations.
W3 Storage Lab has co-developed a next generation distributed storage ecosystem that is based on the public blockchain and cyfs://. cyfs:// is a next-generation protocol that re-invents basic Web protocols – TCP/IP, DNS, and HTTP – to create the infrastructure necessary for the complete decentralization of Web3. It has been in development for over 7 years, practically eliminates latency in file retrieval – a huge problem with current decentralized storage solutions – and has infinite scalability. cyfs:// has recently been open sourced and is now available to the public.
To facilitate a more efficient market for decentralized storage, W3 Storage Lab has also worked closely with the DMC Foundation as a major developer of the Datamall Coin ecology. The Datamall Coin is a cryptocurrency which has been carefully designed to accurately reflect the true value of decentralized storage, properly incentivize suppliers of decentralized data, stimulate demand for storing real data in a decentralized manner, and create a highly efficient market for buyers and sellers of decentralized storage. The DMC token is already on Testnet and will be released to Mainnet in the near future.
W3 Storage Lab is developing a series of killer applications for both consumers and enterprises that will make heavy use of decentralized storage. These applications will leverage the unique capabilities of cyfs://, and will be announced in the coming weeks. “Web3 has a ton of promise. But other than speculative trading – of both coins and NFTs – very few Web3 applications have delivered meaningful value to everyday consumers,” said Xinglu Lin, CEO of W3 Storage Lab. “We’re going to change that. The cyfs:// protocol gives us a ton of power to design a series of applications that will deliver compelling and lasting value to online consumers around the world.”
“We’re very excited to partner with W3 Storage Lab,” said Richard Wang, Managing Director of Draper Dragon. “They’ve assembled a top notch team with a clear vision on how they want to positively impact the internet and the world. They’re developing some real break-through technology, and the market desperately needs their solutions. Look for some more ground-breaking announcements from W3 Storage Lab soon.”
“An effective and efficient decentralized storage system is a core infrastructure to sustain the next stage of growth and user adoption for the Web3,” says Dr. Ming Shu, partner at Lingfeng Capital. “We are thrilled by the prospect that W3 Storage Lab will be the player to deliver a series of products that take the user experiences to a new level.”
The W3 Storage Lab team has developed technology that accounted for more than 50% of all global P2P traffic and has issued a combined total of over 15 blockchain tokens. Xinglu Lin, CEO and Co-Founder, was the co-founder of 2 highly successful start-ups in China and is a prominent name in the Chinese internet sector. Zhicong Liu, Founding Engineer, architected cyfs://. Victor Chen, COO and DMC Foundation Chair, was CTO of Unisplendour, an internet infrastructure provider and previously worked in IBM Networking. Thi Thumasathit, VP Marketing, is an experienced builder of early-stage Silicon Valley start-ups with experience in B2C, enterprise SaaS, cybersecurity, and ad:tech, as well as consulting experience at McKinsey & Company.
About W3 Storage Lab
W3 Storage Lab is a Web3 decentralized application company headquartered in Sunnyvale, CA with operations around the world. Its mission is to leverage the power of Web3 to help people manage, protect, and control their own data. W3 Storage Lab is led by an executive team with a highly unique blend of P2P networking experience, blockchain expertise, and entrepreneurship. It is funded by Draper Dragon Fund, OKX Blockdream Ventures, Lingfeng Capital, and other investors. For more information, visit http://w3storagelab.com.
About Draper Dragon Fund
Founded by Larry Li, Andy Tang, Bobby Chao, and Tim Draper in 2006, Draper Dragon is a cross-border venture fund that connects Silicon Valley and Asia. Draper Dragon has offices in Silicon Valley, Toronto, Shanghai, Hong Kong, Singapore, and Bangalore and has RMB, USD, and digital assets funds. Draper Dragon looks for early-stage companies that would disrupt and transform their industry landscape, and the fund and its partners have seeded and invested in many technology unicorns such as Microport Medical (HKSE: 0853.HK), Ledger, Yeepay, Coinbase (Nasdaq: COIN), Otter, 1047 Games, VeChain ($VET), Jing Jin Electric (SHA: 688280), IOTEX ($IOTX), QTUM ($QTUM), Oasis ($ROSE) among others. Draper Dragon is an active investor in the digital assets, IT, and healthcare space, and a core member of Draper Venture Network. Draper Dragon draws upon the substantial resources and capabilities developed over two decades of venture capital investing, and startup company building.
About OKX Blockdream Ventures
OKX Blockdream Ventures is an investment institution under the worldwide top trading platform OKX.com, which focuses on exploring the best blockchain projects on a global scale, supporting the most cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and focusing on long-term structural value investment. For more information, visit http://www.okx.com/blockdream-ventures.
About Lingfeng Capital
Founded in 2015, Lingfeng Capital is a leading venture capital investor focusing on global technologies that empower digital finance and digital transformation of the economy, primarily in Greater China, with targeted exposure in the UK/EU/ASEAN. Lingfeng Capital invests in high-impact applications of industrial Internet/IoT space and enabling technologies that drive the trend of industrial digital transformation, such as AI, blockchain, cloud, data, security, and high-performing computing. In May 2022, Lingfeng Capital launched Lingfeng Innovation Fund (“LIF”), a new fund dedicated to investing in global early-stage Web 3.0 ventures, and enabling Web2.0 elites with Web3.0 expertise, collaborating with Web2.0 and 3.0/Crypto leaders and reputable VCs. LIF is a thesis-driven fund run by industry’s most frontlined investors and provides first hand support to accelerate project growth.
Media Contact
Stacia Kirby, Kirby Communications, 206-478-5841, stacia@kirbycomm.com
SOURCE Kirby Communications
