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- LocalGlobe and ETF Partners co-led the $12.5M raise (approx. €11.6M or £10M)
- Cubbit addresses the boom in data creation. Companies and Service Providers can build their own geo-distributed S3 cloud storage to take back sovereignty over their data, infrastructures, and costs.
- Storage infrastructures orchestrated by Cubbit software enable cyber secure edge or hybrid cloud strategies to avoid hyperscalers lock-in, and reduce storage costs by up to 80%.
- Cubbit deep technology minimises cloud carbon footprint as it requires 25-50% less IT resources to run, extends the storage hardware lifespan, and reduces electronic waste.
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 2025 [1], and 75% of this will be created and processed at the edge [2]. 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, EMEA’s number one VC investor according to the 2023 Dealroom report [3], and ETF Partners, Europe’s 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 Cubbit’s 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 Cubbit’s 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 Cubbit’s 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 don’t 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 today’s 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. Cubbit’s cloud storage software elegantly addresses all of these needs, and we’re excited to back Stefano, Alessandro and the whole team as they respond to the intense pull they’re experiencing from the market.”
To learn more about Cubbit, visit: https://www.cubbit.io
About Cubbit
Cubbit is the first geo-distributed Cloud storage Enabler. Its groundbreaking software allows Service Providers and Enterprises to deploy in minutes their own geo-distributed cloud storage networks according to their infrastructure strategy and internal policies, so that they can keep full sovereignty over data, simplify workflows and reduce costs.
Today, Cubbit hyper-resilient and cybersecure technology is adopted by 350+ European companies and partners, including HPE, Equinix, Leonardo (world leader in defence and cybersecurity with $14B in revenues), and serviced by Exclusive Networks (global distributor, listed on the Paris Stock Exchange). For more information, visit: https://www.cubbit.io
About ETF Partners
Founded in 2005, ETF Partners (The Environmental Technologies Fund) stands as Europe's original venture capital firm dedicated to sustainability and impact investing. For nearly twenty years we have established a leading position in promoting sustainability through innovation.
ETF Partners is founded on the conviction that entrepreneurship and innovation are critical in addressing the global challenges presented by the climate crisis. We are committed to fostering and supporting Europe’s ecosystem of pioneering entrepreneurs who are creating the innovative solutions capable of making a profound environmental impact.
We believe in the transformative power of aligning profit with purpose in order to build a more sustainable future. For additional information about our investment thesis and approach, please visit our website at https://etfpartners.capital.
About LocalGlobe
LocalGlobe is the pre-seed and seed fund from the Phoenix Group family of funds, including Latitude, Solar and Basecamp. Through these funds Phoenix Court supports founders from seed stage to the public markets and is EMEA’s most successful investor in unicorns at seed stage, with 19 to date. Portfolio companies including Algolia, Bob, Melio, Mistral, Monzo, Oxford Nanopore, Rapyd, Raisin, TravelPerk, Wise and Zego have raised over £18.2bn of follow-on capital since 2015, from many of the world’s best known investors. Profits and carry from all four funds are used to further the work of Phoenix Court Works, Phoenix Court’s foundation.
- www.statista.com/statistics/871513/worldwide-data-created
- www.gartner.com/smarterwithgartner/what-edge-computing-means-for-infrastructure-and-operations-leaders
- https://dealroom.co/reports/vc-investor-ranking-emea-2023
