Riga-based New Nordic Ventures invested in a US solution for data storage Petabox

Riga-based investment firm New Nordic Ventures backed a US solution for data storage Petabox. The amount of the financing is undisclosed, but at the initial stage, New Nordic Ventures usually invests from €200K to €300K.

Founded in 2022 in Limassol by Alex Shishow and Pavel Vasin, Petabox's solution provides a decentralized infrastructure for backups and saving archived data of the companies. The data is stored on thousands of hosts randomly split into little chunks, and each chunk is encrypted. The company offers S3 (Simple Storage Service), API features, ransomware protection, DDoS (Distributed Denial of Service) protection, and others.

Petabox's solution stores data that enterprises do not use daily, like data sets for AI model training or archived video streams. The solution works like an aggregator. It monitors all the prices related to the whole cloud storage market. It uses several cloud services such as Amazon Web Services, Microsoft Azure, Wasabi, Web3 Services, Google Cloud, and Digital Ocean at the same time to store data in a distributed and secure way.

According to Petabox, its solution is ten times cheaper than storing data in a traditional cloud. Also, this kind of storage consumes less power than cloud providers. The company has offices in Limassol, San Francisco and Singapore.

Founded in 2021 by Dmitry Saikovsky and Kirill Jurzditsky, New Nordic Ventures supports seed-stage B2B software startups from CIS or CEE regions. The investment company can provide up to €1,5M in follow-on rounds as a lead investor or co-investor. In 2023, New Nordic Ventures invested in Georgian-Ukrainian AI marketplace Crosscreators Yerevan-based (Armenia) synthetic animated avatars for businesses Oh My Synt, Tallinn-based automated medical literature monitoring solution DrugCard, France-based data startup Rapid Delivery Analytics, and US-based logistics startup Moeco.

UPD: According to Petabox's founder Alex Shishow, the startup received €300K from New Nordic Ventures