Techstars and Primo Ventures reinvest in Cubbit, and the Digitech Fund – Azimut Libera Impresa, CDP Venture Capital Sgr, GELLIFY, the shareholders of IAG (Italian Angels for Growth), the Family Office of Massimo Prelz Oltramonti enter the company. The capital raised will support the commercialization of B2C and B2B solutions, the Research and Development of new solutions such as Backup and Object Storage, and the launch of Next Generation Cloud Italian Pioneers: the first distributed cloud network for Italian companies
Cubbit, the first European provider of distributed cloud storage, whose services exceed current market standards in terms of security, privacy and environmental sustainability, has closed a collection of € 7 million in loans of which € 3.5 million in capital increase, € 2.4 million in equity financial instruments (SFP) and € 1.1 million in debt. The cloud, as we know it today, is a constantly growing technology, but with limitations related to its centralized infrastructure based solely on data centers: many of its services are not very respectful of privacy, susceptible to cyber attacks and data loss. and particularly expensive. In addition, data centers are responsible for one huge amount of CO2 emissions (estimated at 3.7% of those globally produced1, while the ICT ecosystem is estimated to be responsible, to date, for 10% of the total global energy demand – equivalent to the combined energy production of Germany and Japan).
What is Cubbit?
Cubbit, partner of the European Gaia-X project, is one startup italiana “deep tech” which is helping to build Web 3.0 – the internet of the future – based on the combination of existing centralized technologies and new distributed technologies. Born in 2016 from the intuition of four university students – CTO Marco Moschettini, Stefano Onofri and Alessandro Cillario, both co-CEOs, and Lorenzo Posani, PhD – aims to become the most important provider of distributed cloud services in the world, guaranteeing the most high level of privacy by design, and without using expensive and polluting data centers. Cubbit operates in a worldwide market, that of the cloud, which it grows by 22.3% per year and is estimated at $ 137 billion in 2025.
Cubbit it does not use physical data centers: instead, it enables distributed data centers able to connect the internet resources already present in homes and companies. Its software allows you to transform any device (server, computer, router, IoT devices, etc.) in one of the nodes of the Cubbit network. Alternatively, a Cubbit Cell, a plug and play proprietary device, can be connected to access the service. Data saved in Cubbit’s distributed cloud is redundant, encrypted, and optimally distributed across the network. It is also applied to data distribution a zero-knowledg encryption technologyand: This means that Cubbit itself, which acts as a cloud provider, cannot access user content.
The combination of these technological innovations makes Cubbit a solution of unique cloud storage, as it guarantees privacy by design, maximum security from cyber attacks, minimum environmental impact and, at the same time, offers the most competitive prices on the market. The costs of Cubbit’s distributed infrastructure are, in fact, up to 10 times lower than those of a traditional data center and make it possible to avoid up to 40,000kg of CO2 emissions per year for every Petabyte saved.
Funding
In Round A (capital increase and PFIs), the Tipoch background – Azimut Libera Impresa (Azimut Group), CDP Venture Capital Sgr through the Evoluzione Fund, GELLIFY, the shareholders of IAG (Italian Angel for Growth, whose vehicle also includes the holding companies Moffu, Ulixes Capital and 10x Club di Federico Pistono), the Family Office by Massimo Prelz Oltramonti. They reinvest in Primo Ventures and Techstars – one of the world’s most active investors with 9 Unicorni in portfolio. The debt capital will be disbursed by Invitalia’s Smart & Start.
In Operation Cubbit made use of the Bird & Bird law firm, with a team led by the lawyer. Francesco Pezcoller, and with the support of the financial advisor Pierre-Edouard Jumel. Primo Ventures was assisted by Chiomenti with the lawyer. Edoardo Canetta while the remaining investors were supported by the Portolano Cavallo law firm, with a team made up of Antonia Verna, Giorgio Ferrero and Chiara Sannasardo. In addition to the founders of the company, the following enter the Board of Directors: Gianluca Dettori, President of Primo Ventures, Fabio Nalucci, CEO of GELLIFY, and Mario Scuderi, Managing Partner of CDP Venture Capital.
The Round just closed follows important results already achieved by Cubbit: a 2 million euro grant obtained with the victory of the prestigious SME Instrument Phase 2 of Horizon 2020 of the European Union, to which only 33 Italian companies had access in the three-year period 2018-2020; ahe Crowdfunding campaign on Kickstarter and Indiegogo to launch Cubbit Cells which, with over $ 1 million raised, is one of the top 1% campaigns of all time; the entry of the international financial institution Barclays following the Techstars acceleration program in cybersecurity in Tel Aviv.
Cubbit results
During 2020 the Company has already distributed its products to its first 3,500 customers in over 70 countries around the world and today its distributed network protects more than 15 million saved documents. The capital raised will support Cubbit’s operations over the next 12-18 months, strengthening the commercialization of cloud products through national and international distribution agreements. The financial resources will also make it possible to launch Next Generation Cloud Italian Pioneers, the first in the coming months distributed cloud solution dedicated to companies, consortia and administrations Italian public. In addition to the current “Sync & Share” cloud storage services, Cubbit will also support Backup and Object Storage solutions, comments:
What we have developed over the years is a real Italian deep technology company. Few companies in the world are intercepting the trends of the distributed cloud, and we are the first in Europe. The entry of qualified and authoritative financial partners demonstrates that it is possible to develop these solutions also in our country: we are, in fact, experiencing great interest from the most innovative Italian companies to adopt our solution “. Alessandro Cillario, co-CEO and co-founder of Cubbit, adds: “The spread of Cubbit Cells will drive the domestic and international expansion of B2B and Enterprise distributed storage solutions. Furthermore, Cubbit will continue the R&D activity dedicated to both the development of new products and new high-performance SaaS solutions. This collection of capital will allow us to place ourselves among the players who are building Web 3.0 at an international level ”.
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