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Community Labs, Arweave’s software company and venture studio that stores data in the Arweave ecosystem, on Thursday announced a $30 million strategic investment round.
The investment round was led by Lightspeed Venture Partners. Other investors included Arweave, Bain Capital Crypto, and Blockchain Capital.
Arweave is one of the largest providers of decentralized data warehouses in the industry and provides permanent data storage on the network. In blockchains, immutability — the ability of blockchain history to remain constant and unchanged — is fundamental to ensuring the trust, correctness, and proper functioning of decentralized networks.
Community Labs was founded by 19-year-old Tate Berenbaum, who is now on vacation from the University of Virginia, to pursue this business venture.
Community Labs believes that a permanent data warehouse is “one of the least known but most important achievements for society,” the twitter post said.
Strategic investments will focus on strengthening this belief by building and funding teams working to leverage data warehousing online in unique and new ways.
Community Labs said it is currently working with one project called Execution Machine, which creates a solution for developing untrusted and serverless applications. This means that with Execution Machine and Arweave, developers and users can create and use native web user interfaces, abstracting away from their own cryptographic tools such as wallets and transactions.
While Arweave offers and is known for its data storage offerings, Berenbaum also believes that there is untapped potential to use Arweave for financial use cases such as networks such as Ethereum and Solana.
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