NexGen Cloud, a Marbella, Spain-based Web 3.0 focused IaaS company, raised $14m in funding.
The company has entered into a swap agreement with DARMA Capital, a CFTC-registered investment fund, supporting Web 3.0 technologies. This swap agreement will enable NexGen Cloud to increase its storage capacity and solidify its position as a storage provider on the Filecoin Network.
The investment has enabled the development of Europe’s largest decentralised storage project comprised of two large-scale Filecoin storage operations located in Belgium and The Netherlands, featuring Tier III data centres across both sites. Over the course of the year, this landmark project will provide over 100 Petabytes of data storage capabilities aimed at managed service providers (MSPs), businesses and consumers seeking more affordable storage solutions, without having to compromise on security.
Filecoin is an open-source, public Blockchain and decentralized storage platform. It was created by Protocol Labs and built on top of the InterPlanetary File System (IPFS). Filecoin and IPFS were designed to make the internet more secure, efficient, more affordable and are recognised as key drivers behind the recent acceleration of the world’s transition to web 3.0.
Led by Chris Starkey, founder and director, NexGen Cloud is a cloud and blockchain business focused on building out infrastructure to provide affordable solutions to the increasing prices within the enterprise cloud industry.
Since inception, NexGen Cloud has built a significant amount of enterprise grade hardware assets that can offer a variety of GPU intensive cloud workloads such as Artificial Intelligence, Rendering, Machine Learning and Medical Research. On top of this, the storage arm of NexGen Cloud is the largest Filecoin decentralised project in Europe. It is now working very closely with the Filecoin creators, Protocol Labs, to improve how data is onboarded onto the network and integrated into traditional platforms such as AWS S3, Azure and Rubrik.
NexGen Cloud has growth plans and aims to expand its international footprint, having already earmarked key projects in the UK, France, Spain and Portugal throughout 2022/23.
FinSMEs
17/03/2022