Cubbit, the first geo-distributed cloud enabler, raises $12.5M to bring data storage independence to organisations, starting from Europe

16 lug 2024

Bologna, Italy and London, UK— 16th July 2024 — Cubbit, the first geo-distributed cloud storage enabler, today announced the closing of its $12.5M funding round. With this new funding the company will enable European Service Providers and Companies to take back full independence and control over their data, infrastructures, and costs.

More than 180 billion Terabytes of data will be produced in 20251, and 75% of this will be created and processed at the edge2. This explosive growth raises data orchestration complexity, cyber-attacks, sovereignty risks, and costs. AI and media creation are compounding this out-of-control growth, which is becoming an ever growing concern when it comes to geopolitical scenarios and the protection of sensitive data.

Cubbit eradicates these challenges by enabling organisations to create, in just minutes, their own geo-distributed S3 cloud storage that can slot into any infrastructure and policy framework - from hybrid cloud to the edge. With its DS3 Composer, Cubbit combines a proprietary data orchestration platform, and its deep tech data fragmentation and geo-distribution technology: the result is a sovereign, hyper-resilient, flexible, and highly cost-efficient cloud storage service that protects European data. The Company summarises its approach with: “Your Cloud. Your Rules. Anywhere.”
Cubbit also guarantees the required data resiliency SLAs using 25/50% less disk space and IT resources compared to traditional cloud storage, therefore minimising their cloud carbon footprint.

The round was co-led by LocalGlobe, EMEAʼs number one VC investor according to the 2023 Dealroom report3, and ETF Partners, Europeʼs original sustainability investor. Among the new investors joining Cubbit are also Verve Ventures, 2100 Ventures, Hydra (holding of Datalogic), Growth Engine, Eurenergia and Moonstone.

Azimut Libera Impresa SGR – Azimut Digitech Fund under the advisory of FNDX, CDP Venture Capital SGR through its Fondo Evoluzione, and Primo Ventures are returning investors. Individual investors include Fabio Fregi, former Italy Country Manager of Google Cloud, and Joe Zadeh, former VP Product at Airbnb.

The new funding will enable Cubbitʼs to grow CAPEX free in Europe, initially focusing on the DACH, and French-speaking regions, as well as the United Kingdom. The round will also further accelerate Cubbitʼs technology adoption, which is rapidly growing in Europe with more than 350 business customers, and is supported by several international partnerships, including HPE, Equinix and Exclusive Networks. Part of the funding will go towards further consolidation of the application ecosystem around Cubbitʼs enabling technology to support vertical projects in various industries, including aerospace, defense, cybersecurity, healthcare and public administration.

“Having top-tier international VCs invest in Cubbit's geo-distributed technology is a major endorsement. Over the past few years, we have grown massively and closed key partnerships and agreements with international players such as Leonardo, HPE, and Equinix - now it's time to take our expansion to the next level.” said Stefano Onofri, Co-CEO and Co-founder of Cubbit.

“Enterprises worldwide are facing the daunting challenge of orchestrating massive amounts of data; or they will soon. They donʼt need just another cloud provider; they require a cloud enabler that allows them to implement the custom IT infrastructure strategy that they are looking for. Organisations need to keep full control over their data in order to simplify their workflows and reduce costs. Cubbit is here to help them achieve what was not possible before.” said Alessandro Cillario, Co-CEO and Co-founder of Cubbit.

Patrick Sheehan, Managing partner and Founder of ETF Partners, said, “We're witnessing a double-edged sword in the tech revolution: cloud storage is powering unprecedented innovation, but at a steep environmental cost. As data centres use more and more energy, their carbon footprint continues to skyrocket. Cubbit's Composer technology responds to this immediate challenge. It is a game-changer that reduces cloud storage emissions without slowing progress. It's not just an incremental improvement; it's a leap towards sustainable digital infrastructure. We have been very impressed by the vision of the Cubbit team and what they have already achieved and are keen to help them continue to make a profound impact”.

Ferdinando Sigona, Partner of LocalGlobe, said, “Data generation is already one of todayʼs steepest exponential curves, and the generative AI wave is only poised to accelerate this further. As a result, companies of all types and sizes are facing escalating complexity and cost. At the same time, the geopolitical environment is driving investment into AI sovereignty, and we actually think that need for control will extend down the stack, all the way to data storage. Cubbitʼs cloud storage soware elegantly addresses all of these needs, and weʼre excited to back Stefano, Alessandro and the whole team as they respond to the intense pull theyʼre experiencing from the market.”

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