Today, Textile is proud to share that we raised a $1.5m seed round, led by BlueYard and including Collaborative Fund, Multicoin, SystemOne, Coinbase Ventures, Starchain Capital, Jesse Clayburgh, Henri Stern, and others. This round will help Textile change the face of personal data on the web, for good.
“Personal Data” on the web is broken.
We live in a world where we think we decide how we use our digital technology, but in reality tech companies often decide for us — mining our behaviors for information that can be sold or used to manipulate our future behaviors.
At Textile, our mission is to create a new system for user data storage, owned by its users and open to developers. We got our start building Textile Photos, an application that allows users to create, encrypt, and store their private photos on IPFS and share those photos with other users or across multiple devices. Through that work, we’ve developed and are now releasing a set of building blocks that make it easy for any developer to launch apps on the IPFS network.
With our suite of tools, apps can store and retrieve data for users over IPFS, helping apps leverage peer-to-peer communication — sometimes improving speed and bandwidth performance — and using end-to-end encryption. Datasets are stored using cryptographic keys known only by the authorized user(s) and app(s) and stored in a user’s private data wallet. Through our remote IPFS hosting, native SDKs for mobile and desktop, and custom identity tools, Textile already powers everything from photos to collaborative writing tools, to healthcare apps.
This new investment helps us accelerate our work in three main areas.
- Launch Textile’s interoperable data connectors that will allow multiple, user-controlled applications to build and augment shared datasets for the user.
- Accelerate the development of Textile’s core services for user data storage, user identity, authentication, and real-time data synchronization.
- Directly support the integration of Textile into 3rd party applications through grants, engineering support, and expanded functionality.
Today, we are making available the first release of our developer platform, a system for developers to create data stores for their apps that allow them to synchronize and share app data with their users. These application-wide databases will help developers push updates, send notifications, and more.
We are excited to be joined by such an amazing roster of investors to support us in our next chapter of development.