Arcana Raises $375K Seed from Balaji Srinivasan and Other Investors
We are excited to announce that Arcana Network, The Storage Layer of Ethereum, with a privacy stack for DApp developers on Ethereum and EVM compatible chains, has raised a seed round of funding from investors Balaji Srinivasan, Sandeep Nailwal and JD Kanani, Founders of Polygon (formerly Matic), Kendrick Nguyen, Founder & CEO of Republic and other leading investors in the crypto ecosystem.
The 375,000 USD fundraise also saw participation from strategic investors and some of the biggest innovators in the blockchain industry, such as Santiago Santos — General Partner at ParaFi Capital, Jehan Chu — Founder of Kenetic Capital, AU21, John Lilic, Siddharth Menon — Founder of WazirX, Tamar Menteshashvili from Solana, Aniket Jindal — Co-founder of Biconomy, Arcanum Capital, Munjal shah and Moyukh Sen from Secureware.
The latest round, which was oversubscribed by 3x, is in lieu of Arcana’s soon-to-be-launched XAR tokens.
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.
The current fundraise will be utilized in getting closer to achieving Arcana’s milestones, the next one being the launch of Arcana’s Testnet. Follow us or signup to the developer waitlist on arcana.network for more details on how you can participate.
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.
Sandeep, the Co-founder of Polygon (formerly Matic), speaking of the funding said,
“Arcana’s biggest differentiation is that it is a whole suite of privacy and data management tools that are super easy to set up. Developers can look to delegate their app’s storage and access control to Arcana and focus on their core value proposition.”
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.
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.
“Large parts of the internet will be decentralized and every user will carry their own keys and identity while interacting with apps. We make it easy, whether it is to login, share data, protect private information, or even trade/exchange data between apps and organizations.”
Aravindh Kumar, Co-founder, Arcana Network
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