Cudos funding round secured over £10 million
One of the leading decentralised cloud computing networks, Cudos, concluded its series of funding rounds. In this successful series, Cudos funding hit the £10 million mark. Initially, the firm raised around £2 million in seed funding and has further capitalised on that with a series of subsequent funding rounds.
Cudos is one of the projects of the Cudo ventures. It has now become a global leader in cloud computing and blockchain-related services. The firm is working on providing sustainable and decentralised cloud computing services with its innovative approach.
Let's see how Cudo Ventures managed to close the capital and what its plan is to grow after securing the substantial Cudos funding!
What's Cudo Ventures?
Cudo Ventures is a highly acclaimed, United Kingdom-based firm. A serial tech entrepreneur, Matt Hawkins founded the company in 2017 and still serves as its CEO. Its offerings involve cloud computing networks and developing decentralised platforms. It also has two more projects under its umbrella. These projects are related to sustainable computing and crypto mining.
The firm has launched its own digital token, known as CUDOS. It is the native token that helps in monetising platforms by working as a utility token for them.
The services Cudos offers
The venture has three main projects in its ecosystem, offering different services. All these projects can work together to combine the power of cloud computing and blockchain technology. These projects include:
Cudos - A decentralised cloud-based computing network.
Cudo Compute - Sustainable computing that utilises the unused power from systems
Cudo Miner - An automated crypto mining service.
How did Cudos funding raise £10 million?
The press release from the company disclosed that its worth had reached £10 million. It also declared that the Cudos funding took place in a series of rounds. Moreover, it also provided a breakdown of the capital.
The initial seed funding for the company raised around £2 million. Then, in the pre-series A round, it closed another £2 million. This was further followed by £3.7 million for the token raise. Apart from that, an advanced subscription agreement (ASA) added £2.2 million. Lastly, the firm's strategic partners helped in raising £1 million.
The network has the support of numerous enterprises that helped it secure decent funding rounds. It is backed by enterprises like Moonrock Capital, BlackDragon Research, BMW Capital, CSP DAO, Floem Capital, Exnetwork Capital, and others.
What does Cudos funding mean for its growth?
As the company has managed to secure modest capital, it is now looking to expand its business. The firm is looking to attract crypto investors by launching it on several exchanges. After the funding, it launched its token on the Bitmax exchange.
Moreover, the Crypto.com exchange has also listed the coin, which is now available in over 90 countries. Other notable exchanges that listed the token are Kucoin, Huobi Global, and Bittrex Global.
In addition, Cudo also launched a mainnet for its network that will further help build decentralised computing infrastructures. Matt Hawkins, the CEO of Cudo, termed the launch an 'incredible achievement.' Also, he expressed that the mainnet launch will help develop sustainable and decentralised computing networks for a more connected world.
Non-fungible tokens might also enter the Cudos network. Its roadmap suggests that the network may introduce native support for NFTs usage. Also, there can be a bridge between Ethereum and Cudos for conveniently transferring NFTs. With all these innovations, the company seeks to expand its operations.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.