Paradigm leads $3m investment round for Nebulous, the Sia and Skynet developer

Nebulous, the company behind the development of the decentralized cloud storage network Sia and the Skynet platform for hosting applications, announced that it has raised $3 million in funding. The funding round was led by Paradigm.

We are thrilled to announce a $3M funding round led by @paradigm with participation from a powerhouse group of investors!

Read more on our official press release and stay tuned on our rebranding to Skynet Labs.https://t.co/FMlD5Xi6LL pic.twitter.com/CjdIBzZVUZ

— Sia (@SiaTechHQ) September 22, 2020

Participants included Bain Capital Ventures, Bessemer Venture Partners, A.Capital, Collaborative Fund, Dragonfly, Capital Partners, Hack VC, INBlockchain, First Star Ventures and other investors.

The funds raised will be used to accelerate development and scale Skynet.

Nebulous launched the platform in February 2020. According to the statement, it has enabled the uploading and transferring of 1.6 million files totaling more than 10 TB. The project’s developers have created over 100 dapps.

The company says Skynet provides the infrastructure for a ‘free internet, where data is accessible worldwide, controlled by the user, resistant to censorship and not fragmented in fenced gardens’.

Nebulous also announced a rebranding. The company will change its name to Skynet to emphasise its focus on further developing the platform.

Last year Nebulous settled SEC claims related to the sale of unregistered securities. The company agreed to pay the agency a penalty of $225,000.

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