Cubbit, a distributed P2P cloud storage startup, raised $8.31 mln to fund its fight against the Information and communications technology(ICT) industry’s carbon footprint, which accounts for 10% of global energy demand.
Founded by 4 Italian students in Bologna back in 2016, the startup has raised more than $12 million in funding ever since. $8.31 Series A funding round counted with the participation of Ulixes Capital, Digitech Venture Capital Fund, and CDP Venture Capital.
The success of the round could be attributed to the growing interest in distributed P2P solutions in the technology industry. While blockchain is the distributed technology most talked about in recent years, which Cubbitdoesn’t use, the platform’s approach offers lower prices in addition to greater stability and speed.
Stefano Onofri, co-founder and joint CEO of Cubbit, referred to the startup’s potential to take a share of the existing market by stating:
“Few companies in the world are intercepting the trend of distributed cloud, and we are the first in Europe. The entry of qualified and influential financial partners shows that it is possible to develop Web 3.0 solutions also on this side of the planet.”
The funding will be used by Cubbit’s team to strengthen existing distribution agreements around the globe and develop new marketing strategies for B2C and B2B offerings.
The startup also plans to invest heavily in developing and launching a distributed cloud network targeted at Italian companies: Next Generation Cloud Pioneers:
With over 3500 customers in more than 70 countries, Cubbit has already used its network to store more than 15 million files. saving more than 40 thousand KG of CO2 emissions by each Petabyte stored. According to the team, its technology required 10 times less energy consumption than traditional platforms.
With environmental concerns on the rise, especially when it comes to distributed technology including cryptocurrencies, the P2P cloud storage startup could capitalize on the trend by protecting the environment while also offering more benefits than its competitors.