Blundlr Network Secures $5.2M Funding in Seed Round

Bundlr Network, an Arweave-backed blockchain protocol that enables permanent data storage on the web has recently raised the sum of $5.2 million in its seed financing round.

The funding, which is coming after about a year since the Bundlr Network made its emergence was led by leading web3 investors including Hypersphere Ventures, arweave.org, Permanent Ventures, and Framework. Other investors included OpenSea Ventures and Race Capital.

The platform came into existence when its founder and Chief Executive Officer Josh Benaron discovered a solution that will prevent network congestion on Arweave, a blockchain software that seeks to store files permanently across a distributed network of computers. The emergence of Bundlr has come off as a game-changer for not just Arweave but a number of clients that have integrated the startup’s solution since its inception.

Today, the Bundlr Network is currently being utilized by a number of Layer-2 protocols and blockchain networks including Polygon, Boba Network, Polkadot, BNB Chain, and Solana amongst others.

Since its inception, Bundlr has facilitated over 200 million transactions, increased upload speeds to Arweave by approximately 3000%, currently processing between 90% — 98% of data uploaded to Arweave, and increased data uploads to Arweave by up to 450%.

Projected Milestones for the Bundlr Network

With the new funding, the Bundlr Network hopes to continue on its growth trend while creating a number of exclusive solutions like the protection of investors’ Non-Fungible Token (NFT) collections.

“Storing your NFTs on a non-permanent solution would be like storing a rare wine collection in a hot, humid greenhouse. It’s just a bad idea,” said Caylin Lo, Marketing & Growth at Bundlr Network. “We want to protect the investment people have made in NFTs by permanently storing them onto Arweave via Bundlr.”

The protocol wants to reduce the overall reliance on centralized storage infrastructures like the Amazon Web Service as it believes these alternatives are unstable and susceptible to data manipulations.

Bundlr is not the only startup looking to wrestle power from the big tech with its solutions. Others including CertiK are creating security options for protocols to not just protect their data but also avoid breaches from cybercriminals, and the outfit recently received $88 million in funding to bring its solutions to life.