LyteLoop Announces
Closing of $40 Million Round
Feb. 9, 2021
LyteLoop announced the
successful closing of a $40M private, follow-on
financing round. The capital will be used
primarily to expand the LyteLoop team, which is
developing an advanced data storage network to
address the inefficiencies of existing
land-based data storage—namely security,
privacy, environmental and scalability issues.
Since 2015, LyteLoop has
been assembling a team and securing patents for
its plan to store data in an endless loop
between satellites, taking up less space and
using less electricity than traditional,
terrestrial servers. The Company has developed a
photonic method of data storage which puts data
in a constant state of perpetual motion and is
expected to transform how data is stored,
essentially storing data on light.
"This round of funding will
allow us to quadruple the size of our team and
attract highly-capable engineers and scientists
to achieve our goal of launching our six
satellite proof of concept within three years,"
said Ohad Harlev, CEO of LyteLoop. "The urgent
need for secure data storage is growing at an
astonishing rate. Increased access to technology
has resulted in a corresponding demand for
storage. At present, existing terrestrial data
centers and cloud providers are struggling to
keep up with this demand and will eventually be
unable to efficiently manage expected, future
growth."
Ultimately, LyteLoop will
have the ability to store hundreds of petabytes
(and even exabytes) of data in space—an amount
equivalent to a data center containing thousands
of servers, without the added cost of building
and maintaining large, energy-intensive,
ground-based centers. In addition, LyteLoop will
add four layers of cybersecurity on top of the
current solutions—including quantum
applications. The ultra-high bandwidth lasers
will allow people to create and access their
storage anywhere.