NEW YORK, March 7, 2024 /PRNewswire-PRWeb/ — Nirvana Cloud removes 95% of the inefficiencies and 60-85% of the cost introduced by traditional providers like AWS and Google Cloud on blockchain workloads.
- Nirvana Labs currently processes billions of calls per month across various workloads for web3 clients like Chainlink, Manta, Xai Foundation, Avalanche, Polysign, Odos and Goldsky.
- RW3 Ventures led the funding with participation from Raptor Group, Blizzard Fund (Avalanche), Hash3, Lattice Fund, QCP Capital, and a group of prominent angel investors. Dan Burke, previously Managing Director and APAC head at BitGo and Qredo, joins firm as CEO
- Offering a purpose built bare metal cloud to tackle the distinct & demanding workload characteristics of blockchains, Nirvana’s funding is earmarked for scaling to meet demand from web3 firms globally, with revenue growth of 78% MoM and transaction volumes growing 152% MoM of the last quarter.
Nirvana Labs, a pioneer in web3 infrastructure, announces the public launch of Nirvana Cloud from stealth, while securing seed funding from notable web3 investors and prominent angels. This influx of capital, coupled with the addition of seasoned human capital, will fuel the company’s mission to democratize cost-effective, high-performance computing tailor made for a blockchain industry that is currently confronted with spiraling cloud costs.
Led and built by a team with proven operational, engineering and commercial track records, Nirvana Cloud is currently available in 17 tier 4 data center locations globally. Nirvana Cloud is a first of its kind public bare metal cloud designed for the unique demands from web3, removing 95% of the unnecessary processes performed by conventional cloud providers like AWS and GCP on blockchain and web3 workloads, with Nirvana Cloud optimisations driving 60-85% in cloud savings for its clients.
Nirvana Cloud removes the complexity and costs around procuring, deploying, and networking the bare metal servers desperately needed by blockchain companies to reduce costs. Nirvana Cloud obliterates these hurdles by offering unprecedented flexibility in pricing and scalability via a cloud-like platform. With this offering, Nirvana has reduced both the industry’s reliance on AWS and GCP and removed high capex for firms to deploy custom servers for their blockchain infrastructure needs.
Lydia Chiu, Senior VP of BD at Avalanche and CIO of the Blizzard Fund added: “Nirvana Labs is building critical infrastructure that will enable the Avalanche Network to be the blockchain of choice for developers, projects and enterprises building in Web3. As the industry grapples with scalability, latency, and decentralization demands across core infrastructure, Nirvana’s Web3 native cloud technology offers cutting edge scalability, efficiency, and cost savings that aligns with our mission of digitizing the world’s assets. We are thrilled to support Nirvana Labs in their mission to build a future-proof and robust Web3 ecosystem.”
Additionally, Nirvana Labs has fortified its business strategy, by bringing on some of the crypto industry’s most commercially successful veterans and investors. Dan Burke, the former Managing Director and head of APAC for BitGo and head of APAC for Qredo joins the firm as CEO, while Joe Bruzzesi, the former Managing Director of Americas for BitGo and current General Partner of RW3 Ventures has joined the firm’s board. A group of prominent operator investors like Alex Svanevik, the CEO/founder of Nansen, Casper Johansen, partner/founder of Spartan Group, Matthew Tan, the CEO/Founder of Etherscan, John Nahas the SVP of Business Development at AVA labs, Ben Jacobs, partner at Medici Network, Josh Gibson, the Global Head of Exchanges, and Stephen Richardson, an executive team member at Fireblocks have also participated as angels in the round.
CEO Dan Burke, who has spent the last 7 years within core blockchain infrastructure shared, “Blockchain sizes and workloads are increasing exponentially, driving ever increasing optimization demands as cloud costs rise. We are seeing frenzied demand globally across the entire blockchain vertical as cloud costs increase. The time is right for core infrastructure optimizations in the blockchain space and we are very pleased to announce our funding for the purpose of offering high performance computing to all participants in the blockchain ecosystem.”
Nirvana Labs, which processes billions of calls per month across various web3 workloads for clients like Chainlink, Manta, Xai, Avalanche, Odos, Polysign and Goldsky, has earmarked the funds for scaling its cloud platform to service the exponential growth of web3 and blockchain workloads, mitigate centralization risks, and combat the rising cloud costs the blockchain industry is facing.
Victor Ji the co-founder Manta had the following to say about their usage of Nirvana Lab’s products: “During our highly anticipated mainnet launch, we needed to ensure uptime and redundancy across our infrastructure providers. Nirvana’s focus on Web3 not only aligned with our values but delivered the perfect vertically integrated crypto infrastructure solution. This partnership enhances the robustness of our node network and underscores our commitment to reliability and performance.”
Nirvana Cloud is purpose built to tackle the distinct workload characteristics of blockchains, emphasizing low latency, high throughput, high availability, and customization capabilities, which are starkly different from conventional web2 general-purpose tasks. The result of this offering is extreme cost savings and better allocation of precious capital within the industry, which have investors excited:
Joe Bruzzesi, General Partner at RW3 Ventures added, “In the booming web3 space, the unspoken truth has been the disproportionate funneling of capital towards legacy cloud providers, inadvertently fostering a centralization antithesis to the industry’s ethos. Nirvana has unveiled an important solution to this conundrum by creating a web3-centric cloud that not only reduces reliance on traditional cloud platforms but also mitigates the centralization risks inherent in today’s blockchain infrastructure. With Nirvana Cloud, companies now have the opportunity to pivot towards a more decentralized, efficient, and cost-effective ecosystem, enabling them to slash operational expenses and redirect precious capital towards talent and innovation.”
The Web3 landscape is demanding optimized and enlightening infrastructure due to rising costs, a principle deeply integrated into the Nirvana Cloud’s team DNA. The time is right for the next great leap in cloud computing to mirror the emergent and growing blockchain space, saving firms and their investors money and redirecting capital into more effective areas of the industry.
About Nirvana Labs:
Founded in 2022 by Devin Bandara, Nirvana Labs started with a straightforward mission: to build infrastructure that enables web3 entities to slash cloud costs, boost critical performance metrics like speed and availability, and reduce dependencies on conventional cloud services. Nirvana Labs’s core products such as its bare metal cloud and managed blockchain nodes deliver enlightening blockchain infrastructure to web3, democratizing high performance computing for all participants in the web3 ecosystem.
https://nirvanalabs.io/
Media Contact
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SOURCE Nirvana Labs
