Blockchain startup Dfinity raises $102 million in funding 22002 Cloud Storage
News
Rakesh Ranjan Parashar
Aug 30, 2018 at 6:00 AM

A blockchain startup which has its sights set on the ‘Internet Computer’ has raised $102 million in funding from Andreessen Horowitz and crypto hedge fund Polychain Capital, among others. The money will be used to hire employees and fund other initiatives that would help them challenge the status quo in the cloud services arena.

The blockchain-based project, known as the Dfinity Foundation raised $102 million in a private sale of tokens to accredited investors, taking its total capital raised to more than $190 million.

Dfinity is trying to build a decentralized cloud computing network that could displace the current giant Amazon Web services (AWS) in the cloud services space.

Trying to match the big boys in cloud computing space

Competition is already fierce in the cloud computing arena with Amazon fighting it out with Salesforce and Microsoft. According to Andreessen Horowitz partner Chris Dixon, while it has the potential to disrupt the cloud space, it is still in its early stages.

Dominic Williams, Founder and Chief Scientist, Dfinity while making the announcement said:

“The Internet Computer is a public infrastructure that aims to host the world’s next generation of software and services. The platform provides a novel means to develop and host new software systems where R&D costs can be 90% lower, yet hosted systems are far more secure since the Internet Computer is unhackable, and are always available, highly interoperable and better able to preserve the privacy of confidential data.”

While individual stakes in the present round were not disclosed, Andreessen Horowitz confirmed that Dfinity now is the biggest holder in its two month old cryptocurrency fund.

“We are excited to back Dfinity’s Internet Computer and their vision to host the world’s next generation of software and services on a public network. The Internet Computer is on track to become a critical piece of the future technology stack,” said Chris Dixon.

The current move signals that there are investors who are still willing to back blockchain projects. According to a report by Coin Desk Inc., the funding for blockchain companies has crossed $16 billion this year which is more than double the amount raised last year.

See Also: Amazon introduces Kaleido to simplify the use of blockchain for customers

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