Cubbit secures USD $12.5m to revolutionise cloud storage in Europe

Cubbit, a geo-distributed cloud storage company, has successfully closed a USD $12.5 million funding round. This funding, co-led by LocalGlobe and ETF Partners, aims to help European service providers and companies regain control over their data, infrastructures, and associated costs.

As data creation surges, with projections indicating over 180 billion terabytes to be produced in 2025, challenges such as data orchestration complexity, cyber-attacks, and sovereignty risks are increasing. Cubbit's geo-distributed technology seeks to alleviate these issues by allowing organisations to establish their S3 cloud storage networks quickly and efficiently. This approach offers them greater sovereignty, heightened security, and reduced storage costs by up to 80%.

Stefano Onofri, Co-CEO and Co-founder of Cubbit, commented on the achievement, saying, "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."

The funding round attracted new investors, including Verve Ventures, 2100 Ventures, Hydra, Growth Engine, Eurenergia, and Moonstone. Returning investors include Azimut Libera Impresa SGR, FNDX, CDP Venture Capital SGR, and Primo Ventures. Individual investors such as Fabio Fregi and Joe Zadeh also participated.

The funds raised will be used to expand Cubbit's presence in Europe, focusing particularly on the DACH and French-speaking regions and the United Kingdom. Cubbit aims to support vertical projects across various industries, including aerospace, defence, cybersecurity, healthcare, and public administration.

Alessandro Cillario, Co-CEO and Co-founder of Cubbit, emphasised the importance of their service in the current market landscape: "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."

Cubbit's DS3 Composer technology integrates data orchestration, fragmentation, and geo-distribution capabilities, producing a hyper-resilient, flexible, and cost-effective cloud storage solution. The technology also aims to minimise the environmental impact of cloud storage by requiring 25-50% less IT resources compared to traditional models.

Patrick Sheehan, Managing Partner and Founder of ETF Partners, highlighted 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. As data centres use 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," said Sheehan.

Ferdinando Sigona, Partner at LocalGlobe, echoed these sentiments, stating, "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," said Sigona.