Stories: Cutting-edge cloud storage EIC company Cubbit raised €7 million
Cubbit, the first European provider of distributed cloud storage, has closed a €7 million funding round, comprising €3.5 million in equity, €2.4 million in convertible notes and €1.1 million in debt. The Italian Deeptech startup, funded by the EIC, provides a 100% private, secure and green cloud storage solution, crowdsourcing computing resources via a p2p network to build their distributed architecture.
The investment will support its operations over the next 12-18 months. With this new funding round, Cubbit will also be able to strengthen the commercialisation of its cloud products through domestic and international distribution agreements.
The money raised will support several Cubbit business development aspects, namely:
- the growth of B2C and B2B Sync&Share cloud services,
- the R&D of new solutions (i.e. Backup and Object Storage),
- the launch of Next Generation Cloud: the first distributed cloud network reserved to pioneers companies.
This round of funding includes investment by Fondo Digitech – Azimut Libera Impresa, CDP Venture Capital Sgr through Fondo Evoluzione, GELLIFY, the shareholders of IAG, and the Family Office of
Massimo Prelz Oltramonti. Techstars and Primo Ventures are also reinvesting in the company. The debt capital will be provided by Invitalia's through the startup incentive programme Smart&Start.
Stefano Onofri, co-founder and joint CEO of Cubbit highlighted that very few companies in the world are intercepting the trend of distributed cloud, and the Italian startup is 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. We are seeing great interest from the most innovative Italian, European and International companies to adopt our solutions".
Cubbit offers a unique cloud storage solution. The innovation guarantees privacy by design, maximum security from cyber-attacks, minimum environmental impact and, at the same time, the most competitive prices on the market. Over the last year, the startup has already distributed its products to its first 3,500 customers from more than 70 countries. Today its distributed network protects more than 15 million saved files.
Cubbit received a Phase 2 Grant from the European Innovation Council to support the development of this cloud service.