Community Labs, a New York-based software development company and venture studio focused on accelerating the adoption of decentralized permanent data storage, has recently secured $30 million in funding.
Investment Details
The funding round was led by Lightspeed Venture Partners with participation from industry leaders Arweave, Bain Capital Crypto, Blockchain Capital, Distributed Global, and Road Capital Management, among others.
Company Overview
Led by founder and CEO Jason Fairbanks, Community Labs is a software development company and venture studio that plays a pivotal role in supporting Arweave adoption, fostering ecosystem growth, and driving protocol development.
The company’s mission is to develop and support critical developer tools and foundational ecosystem solutions that will empower the next generation of Arweave developers and founders.
Inspiration and Model
Community Labs draws inspiration from ConsenSys, a software development company that has played a significant role in the growth of the Ethereum blockchain.
About Arweave
Arweave is a revolutionary protocol that empowers users to store data permanently and sustainably with a single upfront fee.
The network operates on a decentralized model, akin to Bitcoin, and leverages a sustainable endowment to back its operations.
Investment Allocation
Community Labs intends to allocate the funds towards expanding its team of engineers and operators.
Conclusion
Community Labs’ latest investment will enable the company to continue its mission of fostering the adoption and growth of the decentralized permanent data storage ecosystem.
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