Filebase, an object storage platform powered by decentralized storage networks, today announced a $2 million seed round led by Multicoin Capital with participation from Version One Ventures and notable angels like Ryan Selkis. The funds will be used to onboard customers in the pipeline and support hiring.
The Filebase platform offers a browser-based dashboard and an S3-compatible API to deploy, access and manage data across several decentralized storage networks. It completely abstracts all of the interactions with the underlying networks and has turnkey configurations that help developers to move or replicate data effortlessly. The platform currently supports the Sia Network and the Storj Network and has plans to expand to the Filecoin Network and the Arweave Network by the end of 2021.
“Our mission is to make decentralized storage accessible and easy to use for everyone. We work with CTOs, CISOs, enterprises, managed service providers, and individual Web3 developers. While all of them have different motivations, they all share the same need for highly-distributed, geo-redundant storage,” said Joshua Noble, cofounder and CEO of Filebase. “We’ve built a performant access layer to decentralized storage networks, which are among the most distributed and secure networks in the world, with a familiar S3-compatible interface that developers know and generally love.”
While cloud-based storage is typically inexpensive, geographically-redundant storage is not. Filebase can offer more competitive pricing and guarantee that objects are stored at a redundancy level of 3x across thousands of servers globally by leveraging erasure coding. This makes Filebase an ideal platform for developers with valuable data or larger companies and enterprises focused on disaster recovery. These users can save up to 90 per cent with Filebase by switching from traditional cloud storage providers.
“Decentralized storage networks are non-trivial to use. They often require developers to implement custom software, unique configurations, or special integrations. This stands in stark contrast to how the vast majority of developers are familiar with storing their data, which is on Amazon S3,” said Kyle Samani, managing partner, Multicoin Capital. “By offering an S3-compatible API, Filebase makes it ridiculously simple for developers to leverage decentralized storage networks without ever having to intersect the networks themselves.”
Decentralized storage networks can suffer from higher latency compared to centralized alternatives. To combat this, Filebase built a proprietary edge-caching technology that increases throughput and lowers response times for both ingress and egress. The caching layer achieves industry-leading performance and makes it possible to build applications and experiences on decentralized networks that are indistinguishable from applications built on Amazon S3, making them a viable alternative for the first time.
“Disaster recovery is now dead simple, thanks to the native geo-redundancy that’s offered by decentralized networks,” said Zac Cohen, cofounder and COO of Filebase. “Enterprises and IT professionals no longer need to worry about planning for a costly and complex DR strategy.”
