February 2, 2023 - With the the global next-generation data storage market expected to reach USD 126 Billion by 2028 and continued dynamic growth in paid email services and email marketing, Scytale announced today the backing of a new company in their portfolio, Sumi Network, which will enhance both storage and email with unique tools only available in Web3. Scytale led the USD $3 Million seed round for Sumi with a $30 Million valuation and was joined by Fuse, D1 Ventures, DFG and TRGC.
Sumi’s approach to leveraging blockchain for targeted and encrypted communications, combined with decentralized cloud services such as email and storage, produces a disruptive solution in a market that shows no signs of slowing down.
“You may not know it but you are already using blockchain technology in a variety of ways,” said Scytale CIO and Founder Mark Cachia. “We are excited to support the next generation of wallet-to-wallet communication and storage via Sumi Network and further support the mass adoption of secure, decentralized blockchain technology.”
“We are excited that our Sumi Network products’ Sumi Notes and Storage provide the kind of real-world application solutions Scytale is eager to bring to the wider market,” said Sumi Founder and CTO David Rhodus. “We look forward to collaborating in the coming year and providing further innovation in the Web3 space.”
In 2022 Sumi went from being a wallet to wallet messaging tool to a full blown Web3 infrastructure company. Sumi developed its own Amazon S3 compatible storage layer that incorporates peer to peer technology, increasing its scalability and resilience compared to both existing web2 and developing Web3 storage solutions. Sumi’s focus now is on perfecting the features of the proprietary storage solution tool even further by addressing common issues companies face today when it comes to data management tools.
Sumi Network, a Polkadot blockchain project, provides decentralized wallet to wallet
Sumi Notes, a product by Sumi Network, began its product journey as an open, decentralized wallet to wallet messaging meta-protocol, akin to replacing email and popular messaging services while enabling tools that only Web3 can provide its users. Some of the tools available to Sumi Notes users are DiDs (decentralized IDs), true on chain token gating, very unique privacy features, as well as unique reading incentivization models that will further enhance existing MARtech and ADtech capabilities. In building out Sumi Notes, Sumi Network realized existing decentralized storage solutions (IPFS, Filecoin, Crust etc) were not capable of truly replacing email like services and thus Sumi pursued its own decentralized storage solution.
For more information: https://www.sumi.network/
Scytale is a digital asset manager with a focus on blockchain solutions. The company was an early adopter/investor in blockchain with Horizon Fund I in 2017. Horizon Fund II closed in early 2022. Scytale largely invests in projects building real world solutions across different Web3 ecosystems.To date, Scytale Horizon II has invested in 15 projects with a diversity of offerings, which include gaming, music, legaltech, security, as well as blockchain and metaverse infrastructure, among others.
For more information: https://scytale.ventures/
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