Private Equity

Angel Investments

Storage platform Arcana raises $375-K from Balaji Srinivasan, others

MyBigPlunge  

Bengaluru-based Arcana Network, the storage layer of Ethereum with a privacy stack for DApp developers on EVM compatible chains, has raised USD 375,0000 from investors Balaji Srinivasan, former CTO of Coinbase, Sandeep Nailwal and JD Kanani, founders of Polygon (formerly Matic), Kendrick Nguyen, founder & CEO of Republic and other top angels in the crypto ecosystem. The seed fundraise also saw participation from strategic investors such as Santiago Santos – General Partner at ParaFi, Kenetic Capital, AU21, John Lilic, Siddharth Menon – founder of WazirX, Tamar Menteshashvili from Solana, Aniket Jindal – co-founder of Biconomy and Arcanum Capital. The latest round, which was oversubscribed by 3x, is in lieu of Arcana's soon-to-be-launched XAR tokens. The funding will help Arcana accelerate its product development, acquire talent and create a vibrant developer community. Arcana Network, founded by Mayur Relekar (CEO), Aravindh Kumar and Abhisek Chaudhary in 2019, aims to be a developer-friendly decentralized storage option.