3Box, which makes decentralized identity and data storage infrastructures, announced it has closed its first funding round.
The $2.5 million seed financing round was led by Placeholder Ventures, along with additional Venrock, Northzone and CoinFund. The startup was previously funded and incubated by Ethereum product developer ConsenSys and graduated from its venture production studio earlier this spring.
New York based 3Box makes it easy for developers to build secure, engaging applications while eliminating the need and liability associated with storing user data on a centralized server. Instead, 3Box developers can store data directly with users where it is more secure and easily portable across different services. 3Box starts customers with a decentralized storage network along with a suite of developer APIs for user profiles, content storage and messaging.
“3Box is central to realizing the vision of a better internet for all,” said Joel Thorstensson, co-founder and CTO of 3Box, in a statement. “Developers get user data security with near-zero overhead and the added benefit of improved onboarding, while users are empowered with greater agency over their privacy and interactions online. This model of application development will usher in a new wave of empowering digital services that work for, not against, the user.”
The startup plans to use the new funding to continue growing in its New York and Berlin offices while focusing development efforts on decentralizing the 3Box network protocol and enhancing existing offerings. Additionally, the team plans to improve the developer experience and expand support for more use cases beyond Ethereum web apps to all online applications.
3Box also announced that Brad Burnham, co-founder of Placeholder Ventures and Union Square Venture, will join 3Box’s Board of Directors.