Sumi Network, a provider of Web3 infrastructure, had raised $3 million to expand the scope of its decentralized communication and storage solutions.
Sumi Network’s $3 Million Raise is Supported by Scytale
Scytale takes the lead in the seed round. The startup’s valuation now stands at $30 million, thanks to the financing. According to the company’s email, additional investors include Fuse, D1 Ventures, DFG, and TRGC.
The 15th investment in Scytale’s Horizon Fund II portfolio, which focuses on blockchain investments with a user adoption focus, is Sumi Network.
“You may not know it but you are already using blockchain technology in a variety of ways. We are excited to support the next generation of wallet-to-wallet communication and storage via Sumi Network and further support the mass adoption of secure, decentralized blockchain technology.”
MarkCachia, Scytale’s founder
About Sumi Network
As a project on the Polkadot blockchain, the platform was first created to facilitate decentralized wallet communication. According to a press release from the company, during this period, it created a proprietary storage layer that uses peer-to-peer technology and is compatible with Amazon S3, a storage service provided by Amazon Web Services. The firm is currently concentrating on expanding its unique decentralized storage solution.
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