Arcana Network Raises $2.3M from Republic Crypto, Woodstock Fund, DCG, Sahil Lavingia, Fenbushi & Others
We are excited to announce that Arcana Network, The Storage Layer for Ethereum, with a privacy stack for DApp developers on Ethereum and EVM compatible chains, has raised $2.3M from leading investors in the Blockchain Ecosystem.
The strategic round of funding was led by Republic Crypto and Woodstock Fund, with participation from Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s SHL Capital, Fenbushi Capital, LD Capital, Arcanum Capital, and Paradigm Shift VC.
It’s our second fundraise in three months since raising a seed round in July, which also saw leading investors from the blockchain ecosystem backing us, with participation from Balaji Srinivasan, Sandeep Nailwal and JD Kanani, Founders of Polygon (formerly Matic), Kendrick Nguyen, CEO of Republic, Santiago Santos — Ex-General Partner at ParaFi Capital, John Lilic, Siddharth Menon — of WazirX, Aniket Jindal of Biconomy, Arcanum Capital, Munjal Shah and Moyukh Sen from Secureware.
The $2.3M round also saw participation from Ganesh Swami, CEO of Covalent; Ajeet Khurana; Buidlers Tribe; Nischal Shetty of WazirX; Ajit Tripathi from Aave; Mohit Madan;
We are excited to partner with leading blockchain innovators and investors in helping the world transition to Web 3.0 and scaling Arcana to every blockchain developer.
With this fundraise, Arcana with be expanding its team, strengthen its product portfolio and soon launch Arcana’s XAR token. We will also be investing in community building; our recently announced developer waitlist currently has100s of devs join the queue to get their hands on our SDK. We have also closed the first series of project partnerships that will participate in Arcana’s Alpha Testnet Launching in Oct — Nov 2021.
Currently, most storage platforms are not developer friendly and lack the tools to offer privacy and a frictionless user experience.
Founded by Mayur Relekar (CEO), and Co-founders Aravindh Kumar, and Abhishek Chaudhary in 2019, Arcana Network aims to be the most developer-friendly decentralized storage option amongst the other storage platforms such as IPFS, Filecoin, Storj, Sia… and give developers the capability to build more secure and privacy-preserving applications from the ground up.
“Data privacy and security will be first class citizens in every app’s stack. Privacy and ownership of data will be a necessity for every product and developers need easy to use tools to fulfil this. Arcana is built to be privacy first and developer friendly.”
Mayur Relekar, CEO, Arcana Network
Arcana is working with developers across sectors from DeFi, NFT platforms, Social Networks, Wallets, to traditional Web 2.0 products in Fintech, Healthcare, and Enterprise SaaS, to bring privacy and security to their data.
Himanshu Yadav, Founding Partner,Woodstock Fund, speaking of the funding said,
“Arcana’s team has been building for more than 2 years and is tackling some of the biggest use cases and problems in the blockchain space — decentralized storage, privacy, and identity. Their modular and interoperable infrastructure stack will abstract a lot of complexities for the dapp developers thereby helping accelerate the application development on top of these next-generation Web 3.0 protocols.”
Arcana goes beyond storage and is pioneering a privacy stack for developers to build Privacy-Preserving Apps. Through Arcana’s SDK, Developers and businesses can protect the private, confidential, and sensitive information of their customers, employees, and business easily.
Arcana’s Privacy Stack offers Decentralized Services for Authentication, Identity and Access Management, End-to-End Encryption, Non-Custodial Key Management, and Data Storage.
Arcana Network creates tools to help developers usher the privacy big bang. With users increasingly choosing services that are privacy-preserving, to begin with, Arcana’s SDK makes it easy to build them. Ethereum and EVM-compatible chain app developers to truly create a decentralised privacy and storage layer for their apps. Established in June 2019, Arcana’s mission is to catalyse privacy and security of user data by being the most developer-friendly platform in the world.
With Arcana’s Privacy Stack, developers can:
- Add Authentication through social logins and email to allow users to log in and authenticate themselves by creating public/private keypairs with just their email addresses, removing the friction of user onboarding. Users can also bring their own keys.
- Build Access Control into their apps to define policies to define who can access the data and for how long. The access control or permission management for the files is managed through smart contracts on the blockchain, so that access is only given to those that have the permission, every upload, download, revoke is tracked and is cryptographically verifiable in real-time.
- Securely Manage Keys through the Non-Custodial Key Management Service to securely store and share keys related to users and their data
- Store End-to-End Encrypted Data with Decentralized Storage that is easy to implement with fixed pricing, lower costs, and high reliability without a central point of failure. From data centres with excess capacity to individuals who want to participate in the network, offer storage and bandwidth to Arcana.
“We have a great partnership with our investors, who continue to believe in our vision for Arcana and how we intend to serve better tools for developers and their users. More than 60% of the strategic fund raised would be devoted to build the community and develop a robust platform. We’re helping app developers from being able to easily authenticate users who can carry their keys and identity while interacting with apps, to seamlessly sharing and managing access to data.”
Aravindh Kumar, Co-founder, Arcana Network
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