Filebase Raises $2M Led by Multicoin Capital to Unify Decentralized Storage Networks Under a Single S3-Compatible API

Filebase, the world’s first object storage platform powered by decentralized storage networks, today announced a $2M seed round led by Multicoin Capital with participation from Version One Ventures and notable angels like Ryan Selkis. The funds will be used to on-board customers in the pipeline and support growth by hiring more engineering, marketing, and sales talent.

The Filebase platform offers a browser-based dashboard and an S3-compatible API to deploy, access and manage data across several decentralized storage networks. It completely abstracts all of the interactions with the underlying networks and has turn-key configurations that help developers to move or replicate data effortlessly. The platform currently supports the Sia Network and the Storj Network and has plans to expand to the Filecoin Network and the Arweave Network by the end of 2021.

“Our mission is to make decentralized storage accessible and easy to use for everyone. We work with CTOs, CISOs, enterprises, managed service providers, and individual Web3 developers. While all of them have different motivations, they all share the same need for highly-distributed, geo-redundant storage,” said Joshua Noble, CEO and Co-founder of Filebase. “We’ve built a performant access layer to decentralized storage networks, which are among the most distributed and secure networks in the world, with a familiar S3-compatible interface that developers know and generally love.”

While cloud-based storage is typically inexpensive, geographically-redundant storage is not. Filebase can offer more competitive pricing and guarantee that objects are stored at a redundancy level of 3x across thousands of servers globally by leveraging erasure coding. This makes Filebase an ideal platform for developers with valuable data or larger companies and enterprises focused on disaster recovery. These users can save up to 90 percent with Filebase by switching from traditional cloud storage providers.

“Decentralized storage networks are non-trivial to use. They often require developers to implement custom software, unique configurations, or special integrations. This stands in stark contrast to how the vast majority of developers are familiar with storing their data, which is on Amazon S3,” said Kyle Samani, Managing Partner, Multicoin Capital. “By offering an S3-compatible API, Filebase makes it ridiculously simple for developers to leverage decentralized storage networks without ever having to intersect the networks themselves.”

Decentralized storage networks can suffer from higher latency compared to centralized alternatives. To combat this, Filebase built a proprietary edge-caching technology that increases throughput and lowers response times for both ingress and egress. The caching layer achieves industry-leading performance and makes it possible to build applications and experiences on decentralized networks that are indistinguishable from applications built on Amazon S3, making them a viable alternative for the first time.

“Disaster recovery is now dead simple, thanks to the native geo-redundancy that’s offered by decentralized networks,” said Zac Cohen, COO and Co-founder of Filebase. “Enterprises and IT professionals no longer need to worry about planning for a costly and complex DR strategy.”

To learn more about Filebase, please visit https://filebase.com/.

About Filebase

Filebase is the world’s first object storage platform powered by decentralized networks. We unify multiple networks under a single S3-compatible API to make decentralized storage accessible and easy to use. Our edge caching technology achieves industry-leading performance when writing and fetching data to and from decentralized networks, making them a highly-secure, geo-redundant alternative to traditional cloud storage at a fraction of the costs. To learn more about Filebase, please visit https://filebase.com/.

About Multicoin Capital

Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies. Crypto networks and companies will create trillions of dollars of value over the next decade. But investing in tokens is fundamentally different than investing in companies. New tools, heuristics, and security measures are needed to responsibly invest in this ecosystem. We leverage our deep understanding of blockchain technology and crypto markets to deliver exceptional returns. For more information, visit: https://multicoin.capital/.

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