EthStorage $7M in Seed Funding; Reaches $100M Valuation

EthStorage, a remote Ethereum storage scalability startup, raised $7M in Seed funding, at a $100M valuation.

The round, structured as a simple agreement for future tokens (SAFT), was led by dao5 with participation from SevenX Ventures, Foresight Ventures, Sky9 Capital, Gate Ventures and Galxe.

The company intends to use the funds to expand operations and its development efforts.

Founded last year by Qi Zhou, EthStorage is a Layer 2 storage rollup built on top of Ethereum. It offers a programmable and dynamic key-value store, leveraging Ethereum’s data availability, particularly EIP-4844 and Danksharding. Through the periodic submission of storage proofs from the EthStorage Layer 2 network to Ethereum L1, the platform aims to capitalize on Ethereum mainnet security features while increasing Ethereum’s storage capacity at a reduced cost.

The company received 2 grants from the Ethereum Foundation Ecosystem Program.