EIC Scaling Up Alumnus Cubbit Raises $12.5M to Revolutionize Geo-Distributed Cloud Storage
Pioneering geo-distributed cloud enabler Cubbit, an EIC Scaling Up programme alumnus, has secured $12.5 million in funding to revolutionize data storage independence for organizations, beginning in Europe. Co-led by LocalGlobe and ETF Partners, this funding round aims to empower companies and service providers to reclaim control over their data, infrastructure, and costs.
Addressing the Data Boom
With an estimated 180 billion terabytes of data to be generated by 2025, and 75% of it processed at the edge, the demand for efficient and secure data management solutions is skyrocketing. Cubbit’s innovative approach offers a solution to the increasing complexity of data orchestration, cyber-attacks, sovereignty risks, and costs.
The Power of Geo-Distributed Cloud Storage
Cubbit’s unique technology allows organizations to create their own geo-distributed S3 cloud storage within minutes. This technology seamlessly integrates into any infrastructure and policy framework, from hybrid cloud to edge computing. The result is a highly resilient, flexible, and cost-efficient cloud storage solution that offers unparalleled data protection and sovereignty. Cubbit’s approach is encapsulated in its motto: “Your Cloud. Your Rules. Anywhere.”
Environmental Impact
Cubbit’s technology not only enhances data security and efficiency but also significantly reduces the environmental footprint of cloud storage. By requiring 25-50% fewer IT resources compared to traditional storage solutions, Cubbit minimizes its cloud carbon footprint, extends the lifespan of storage hardware, and reduces electronic waste.
Funding Round and Strategic Partnerships
The $12.5 million funding round was co-led by LocalGlobe, EMEA’s top VC investor, and ETF Partners, Europe’s original sustainability investor. New investors include Verve Ventures, 2100 Ventures, Hydra (holding of Datalogic), Growth Engine, Eurenergia, and Moonstone. Returning investors include Azimut Libera Impresa SGR – Azimut Digitech Fund under the advisory of FNDX, CDP Venture Capital SGR through its Fondo Evoluzione, and Primo Ventures. Notable individual investors include Fabio Fregi, former Italy Country Manager of Google Cloud, and Joe Zadeh, former VP Product at Airbnb.
Expanding in Europe
Cubbit plans to use the new funding to grow CAPEX-free in Europe, initially targeting the DACH, French-speaking regions, and the United Kingdom. The company aims to accelerate the adoption of its technology, which is already being used by over 350 business customers. This expansion is supported by partnerships with international companies such as HPE, Equinix, and Exclusive Networks. Part of the funding will also be directed towards consolidating the application ecosystem around Cubbit’s technology to support projects in various industries, including aerospace, defense, cybersecurity, healthcare, and public administration.
Executive Perspectives
Stefano Onofri, Co-CEO and Co-founder of Cubbit, emphasized the significance of the investment, stating, “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.”
Patrick Sheehan, Managing Partner and Founder of ETF Partners, noted the environmental benefits of Cubbit’s technology: “We’re witnessing a double-edged sword in the tech revolution: cloud storage is powering unprecedented innovation, but at a steep environmental cost. 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.”
Exciting Times Ahead
With its innovative technology and strong backing from leading investors, Cubbit is poised to transform the landscape of cloud storage. By providing a secure, efficient, and environmentally friendly solution, Cubbit is helping organizations across Europe take back control of their data and drive sustainable growth.
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