Arweave, a blockchain startup focused on permanent storage of Internet content, has raised $ 8.3 million in new funding from Andreessen Horowitz (A16z), Union Square Ventures (USV), and Coinbase Ventures.
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Andreessen Horowitz and Union Square Ventures have previously invested in Arweave. These investment companies were designated as full participants in November 2019, when Arwearve raised $ 5 million in funding . Earlier, Arweave also received support from Arrington XRP Capital, Techstars and other institutions.
Arweave was founded in 2017, participated in the Techstars Berlin mentoring program in 2018, and went live in June of that year. According to a press statement, the agreement now stores more than a million pieces of data on its "permaweb" and builds nearly 200 applications on it. Arweave developed a new type of blockchain based on Moore's Law, which reduces the cost of data storage. The upfront fee paid by users for every 100 years of storage space is less than one cent per megabyte, so the accumulated interest will always make up for the declining storage costs.
Arweave founder Sam Williams explained what permaweb means:
"Imagine the Alexandria Library, a huge catalog of human knowledge and experience, which is now immune to fires, floods, and other disasters. This is permaweb."
The company said that the new capital inflow will help the company develop a series of new plans, including efforts to reinvest funds into the Arweave community.
This includes grant programs designed to provide financial assistance to community projects, startups and DAOs. Another program, Arweave Boost, aims to help its development by providing up to $ 50,000 in storage and mentoring resources for related projects.