Companies

Arcana raises $2.3 m from Republic Crypto, Woodstock, others

Our Bureau Bengaluru | Updated on October 19, 2021

Will use funds to expand squad, strengthen product portfolio

Blockchain start-up Arcana Network, has raised $2.3 million from Republic Crypto and Woodstock Fund, along with the participation of Digital Currency Group (DCG), Hyperedge, Sahil Lavingia's shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC.

The round also saw participation from Ganesh Swami, CEO of Covalent, Ajeet Khurana, Builders Tribe, Nishal Shetty of WazirX, Ajit Tripathi from Aave, along with Arcana’s seed investors AU21 and Arcanum Capital.

Arcana offers decentralised storage and data privacy platform for Ethereum and EVM compatible app developers. With this fundraise, Arcana expects to expand its squad, strengthen its product portfolio and launch Arcana's XAR token.

Storage option

Founded by Mayur Relekar, currently the CEO, and Aravindh Kumar, and Abhishek Chaudhary in 2019, Arcana Network aims to be the most developer-friendly decentralised storage option amongst other storage platforms such as IPFS, Filecoin, Storj and Sia and gives developers a privacy stack in addition to storage to help apps securely manage data with complete privacy preservation.

Relekar said, “Data privacy and security will be first-class citizens in every app’s stack. Privacy and ownership of data will be a necessity for every product and developers need easy to use tools to fulfil this. With a vision to be privacy-first and developer-friendly platform, Arcana is working with developers across sectors from DeFi, NFT platforms, Social Networks, and Wallets, to traditional web 2.0 products in fintech, healthcare, and enterprise SaaS, to bring privacy and security to their data.”

Adding to this, Aravindh Kumar, Co-founder, said, “More than 60 per cent of the strategic fund raised would be devoted to build the community and develop a robust platform that will help app developers from easily authenticating users who can carry their keys and identity while interacting with apps, to easily sharing and managing access to data.”

Published on October 19, 2021

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