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Scytale Backs Decentralized Storage Solution Sumi Network’s $3 Million Raise

Web3 infrastructure provider Sumi Network has raised $3 million to build out its decentralized communication and storage solutions.

The seed round is led by Scytale and brings the startup's valuation to $30 million. Other investors include Fuse, D1 Ventures, DFG and TRGC, the company said in an email.

Sumi Network started out as a Polkadot blockchain project focused on enabling decentralized wallet communication. During this time it developed a proprietary storage layer that incorporates peer-to-peer technology and is compatible with Amazon S3, which is a storage solution offered by Amazon Web Services, according to a company release.

(By Kari McMahon)

Web3 Decentralized Blockchain
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