- IAGON is bringing the first decentralized big data platform to Cardano.
- The startup has raised $3.4M from notable investors for the same.
- IAGON will store all types of files including big data repositories and media files.
IAGON just closed its funding round for building Cardano’s first decentralized big data platform. The startup raised $3.4M in seed and private funding from reputable crypto enthusiasts and investment funds.
The LedgerLink Labs-led fund round saw participation from the likes of 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. Angels and advisors part of the round included Darren Camas, former advisor to Cardano.
As per the company, it aims to set up a scalable platform that leverages blockchain technology and incorporates big data for the first decentralized storage network on Cardano. In fact, an Ethereum deployment of the same is already underway.
Co-founder Navjit Dhaliwal shared his delight about the turnout,
“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
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” — Darren Camas, Business Advisor to IAGON
He further said,
“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.”
Once implemented, IAGON will enable storage of all types of files including big data repositories and large media files, as well as smaller files. Along with this, it offers secure computation. Resource-intensive tasks can also be processed on the decentralized cloud using artificial intelligence and machine learning.