Decentralized cloud-storage alternative ArDrive raises $17.2M

A decentralized substitute of cloud-storage services has now raised more than $17 million in its latest funding round. ArDrive saw more than 13 investors participating in the round led by Arweave Team, Blockchain Capital, and Sino Global Capital.

ArDrive is an Arweave-based permanent storage application that offers users the ability to permanently store and secure any given data for a one-time price. It uses Arweave blockchain to store data that cannot be deleted or altered with an option to share files publicly or keep them private.

ArDrive currently sustains more than 6 million files in text, articles, photos, videos, and more from across the world. It gives competition to several cloud-storage services such as Apple Cloud, Dropbox, One Drive, and Google Drive.

The firm first gained prominence in 2021 after Hong Kong activists used it to store content banned by the Chinese government after it imposed the National Security Law on the special administrative region.

Currently, the Aweave network is being used to record major events related to the Russian invasion of Ukraine. It has already added over 6.6 million tweets, videos, photos, and articles related to the Ukraine conflict to its system, according to Arweave data tracker ViewBlock.

“We started this project to build a censorship-resistant ledger of history,” says Sam Williams, co-founder and CEO of Arweave, a decentralized data-storage network https://t.co/hysCHs5t5S

— Bloomberg (@business) February 25, 2022

ArDrive first raised seed funding in May last year, securing $1.6 million Digital Renaissance Foundation, Arweave team, and venture firms D1 and SevenX.

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