Tuesday, May 17, 2022
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Blockchain Startup Arcana Raises $2.3 Million From Republic Crypto, Woodstock, Others

With this fundraise, the company expects to expand its squad, strengthen its product portfolio and soon launch Arcana’s XAR token apart from investing in community building.

Blockchain Startup Arcana Raises $2.3 Million From Republic Crypto, Woodstock, Others

Arcana Network, a fast emerging blockchain startup, on Wednesday said it has raised $2.3 million in a funding round led by Republic Crypto and Woodstock Fund.

Other investors such as Digital Currency Group (DCG), Hyperedge, Sahil Lavingia's shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC. also participated in the round, the Bangalore-based company said in a statement.

The $2.3M round also saw participation from Ganesh Swami, CEO of Covalent, Ajeet Khurana, Buidlers Tribe, Nishal Shetty of WazirX, Ajit Tripathi from Aave, along with Arcana’s seed investors AU21 and Arcanum Capital who’ve also invested in this round.

With this fundraise, the company expects to expand its squad, strengthen its product portfolio and soon launch Arcana’s XAR token apart from investing in community building.

Mayur Relekar, CEO at Arcana, said the data privacy and security will be first-class citizens in every app’s stack. Privacy and ownership of data will be a necessity for every product and developers need easy-to-use tools to fulfill this. “With a vision to be a privacy-first and developer-friendly platform, Arcana is working with developers across sectors from DeFi, NFT platforms, Social Networks, and Wallets, to traditional web 2.0 products in Fintech, Healthcare, and Enterprise SaaS, to bring privacy and security to their data,” he said.

Founded by Mayur Relekar (CEO) and Co-founders Aravindh Kumar, and Abhishek Chaudhary in 2019, Arcana Network aims to be the most developer-friendly decentralized storage option amongst the other storage platforms such as IPFS, Filecoin, Storj, Sia… and gives developers a privacy stack in addition to storage to help apps securely manage data with complete privacy preservation.

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