Deepti Sri · · 1 min readSG cloud storage firm bags $20m in Lemon-led round
Singapore-based CyberHash, a blockchain-based distributed storage startup, has raised US$20 million in a new financing round led by VC firm Lemon.
The CyberHash team/ Photo credit: CyberHash
CyberHash provides distributed storage solutions, without requiring companies to deploy large amounts of capital and resources. The firm said its “storage-as-a-service” solution can be obtained at significantly lower costs compared to traditional cloud storage solutions.
“We are adoption-focused, developing open-source tools to enable any organization in any sector to use our toolkits to embrace distributed storage solutions in a simple-to-use and no-code environment,” said chief operating officer Jacky Teo.
The financing round comes amid a growing demand for cloud storage solutions in the Asia Pacific, with the region set to grow at a compounded annual growth rate of 24.2% by 2023.
CyberHash will use the new capital to expand its cloud storage facility, scale up operations in Asia, hire 50 employees, and grow the mainstream adoption of its distributed storage solution.
See also: IFast could be Singapore’s most underrated public internet company
Editing by Miguel Cordon and Jaclyn Tiu
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