Akave Secures $3.45 Million to Accelerate On-Chain Data Management
Akave Secures $3.45 Million to Accelerate On-Chain Data Management
Key Highlights:
- $3.45 Million Raised: Funding secured from Protocol Labs, Blockchange VC, Lightshift and Blockchain Builders Fund.
- Yucca Testnet Launched: Now open to early testers looking to explore on-chain data storage and programmability.
Akave, a hot storage Filecoin L2, enables enterprises, AI companies, and DePIN builders with tools to move beyond the cloud, and enable on-chain data lakes to manage large datasets. They raised $3.45 million in a pre-seed round led by Protocol Labs, Blockchange.Ventures, Lightshift, and Blockchain Builders Fund to accelerate Akave’s mission to create decentralized data lakes, empowering users with full control and new monetization models around data ownership.
Traditional centralized data platforms face significant challenges like privacy issues, limited flexibility, and dependence on third-party control. In contrast, Akave’s decentralized marketplace presents a solution—offering a secure, transparent, and efficient approach to data exchange. By utilizing blockchain technology and smart contracts, the platform removes intermediaries, giving users full control over their data.
“We are thrilled to have the support of investors who share our vision of transforming data ownership and making data more accessible and monetizable for everyone,” said Stefaan Vervaet, CEO of Akave.
“This investment enables us to push forward with developing solutions that benefit not only individuals but also enterprises that want to embrace a decentralized future.”
In line with Akave’s mission to bring datasets on-chain, they launched the Yucca Testnet for early testers and developers who want to seamlessly integrate on-chain data management solutions into their projects. The Yucca Testnet provides a sandbox environment to explore Akave’s multi-tier storage architecture, enabling users to upload, store, and monetize data using decentralized technologies.
"To date, enterprise customers have not been able to take advantage of the promise of decentralized cloud solutions." says Ken Seiff, Managing Partner of Blockchange Ventures.
"Despite an abundance of supply, the prospect for better security, and the opportunity to radically reduce costs, the market lacked the necessary architectures, tooling, and interfaces required to win enterprise clients. Akave solves this and by doing so we believe they are unlocking a massive new market for decentralized data solutions."
“We are proud to invest in Akave, a storage layer empowering businesses to bring datasets on-chain and benefit from blockchain-powered cost savings and programmability, said Simao Cruz of Lightshift Capital.”
Akave enables users to unlock data control, monetization, and up to 80% cost savings. The Akave team brings the perfect blend of enterprise expertise and deep blockchain experience.
“These announcements highlight the advancements being built by the Filecoin community to put the power of decentralized storage in the hands of everyone, and to preserve humanity’s most important information,” said Clara Tsao, a founding officer of Filecoin Foundation.
Developers and early testers interested in participating in the Yucca Testnet can gain access at the ETHGlobal Bangkok Hackathon taking place November 15 - 17, 2024 in Bangkok, Thailand or sign up for early access here
Enterprise customers looking to onboard their data with Akave Enterprise can schedule a consultation to explore tailored solutions.
About Akave:
Akave is a pioneering Filecoin Layer 2 decentralized data management network, purpose-built to empower the next generation of data-driven applications and marketplaces. Through its decentralized architecture, Akave’s on-chain storage chain enables secure, programmable data storage, access, and monetization. Akave combines cost-effective, high-performance storage with Web3-native capabilities, allowing users to manage and monetize data, setting a new standard for data ownership and control.
