New Nordic Ventures invests in Petabox, a new gen cloud storage enabler

Happy to announce our new investment in Petabox.

Petabox enables corporates to adopt decentralised storage infrastructure for backups and non-core data storage, i.e. archived data that is not used by companies on a daily basis (e.g. data sets used for AI models training, archived video streams etc.) 10x cheaper 💸 than in traditional cloud ☁.

Companies store huge amount of data which is not used in their daily operations and cloud operators consume huge amount of power to store such data. E.g. in Ireland 🇮🇪 data centres consume almost a fifth of Irish electricity and according to the state-owned electricity operator EiGrid, Dublin has been facing regular blackouts due to excess demand, thus, the operator imposed a moratorium on new data centres. As a result, Amazon and Microsoft were forced to explore alternative options in Europe 🇪🇺 for their data centre expansion projects of nearly EUR 2bn. Thus, Petabox not only provides a super cost-efficient and secure solution to its customers, but also has a huge sustainability impact potential 🍀 ⚡.

New Nordic Ventures is proud to support Petabox in its mission to make data storage more sustainable, affordable, and accessible. We believe that Petabox has the potential to become a significant player the data storage ecosystem and create a positive impact on the environment and society.