IAGON, a startup focused on leveraging Blockchain to build a decentralized Big Data platform, has raised $3.4 million in seed & private funding from a group of reputable crypto-centric investment funds.
The funding rounds were led by LedgerLink Labs and saw participation from Blockchain Israel, AU21 Capital, Kirin Fund, Coinsgroup, Cinchblock, Panony, X21, Genblock, Alphabit, Launchpool, GBV Capital, Trustdao Network, Faculty Group, Llamas, BH Investments, Next Chymia Consulting and many more. A number of angels and advisors also joined the round, notably Darren Camas, formerly advisor to Cardano. Furthermore, Iagon has some other investments pending, which at the moment of writing cannot be disclosed.
With the funding, IAGON will set out to deploy a scalable platform for harnessing the storage and processing power of a decentralized grid of computers, coordinated over a Blockchain network. The platform will be the first decentralized storage network based on Cardano, with an Ethereum deployment already implemented. IAGON enables the storage of all types of files including Big Data repositories and large media files, all the way to smaller files used by the average person. In addition, the IAGON network enables secure computation, allowing resource-intensive tasks such as artificial intelligence and machine learning operations to be processed in the decentralized cloud.
Navjit Dhaliwal, co-founder of IAGON, said:
“We’re excited to have received the support of such a wide network of investors in the crypto ecosystem, with a particular focus on Cardano. With the support of the crypto community, both institutional and grassroots, we are poised to become the decentralized alternative to AWS and all other Big Tech cloud infrastructures.”
Darren Camas, Business Advisor to IAGON, said:
“Cloud computing changed the cost structure and model of building systems and networks. IAGON’s vision aligns with the decentralized ethos of creating a distributed market for computational and storage resources. The IAGON team also embraces the third way, where decentralization and regulation can be compatible. The systems that will prevail in the end are the ones that embrace openness and decentralization while building in the tools that the end user can select for their particular use case and regulatory requirements, such as medical records and HIPAA compliance in the US, to personal data ownership with GDPR in the EU, or customer data transfer across borders.”
IAGON is the decentralized alternative to Big Tech cloud platforms and the will be the first cloud computing and storage platform on Cardano. The platform aims to utilize the decentralized nature of Blockchain technology to build a stronger and faster file sharing and computation network. IAGON received support and validation from the Cardano Foundation, the wider crypto investment community, a grant from Innovation Norway and additional tax incentives from Skattefunn.