A GROUP of Adelaide entrepreneurs is seeking to raise up to $US25 million to develop a cloud storage platform it believes can compete head-to-head with giants such as Dropbox and Google Drive.
Cryptyk is described by its founders as “the world’s most secure cloud security and storage system” and is being developed by a team of tech and cybersecurity experts in Adelaide and Silicon Valley.
The team is led by chief executive and quantum physicist Dr Adam Weigold, who established laser business Photonica in Adelaide before relocating to Silicon Valley in 2011.
He is supported by a global team including marketing and business development specialist Luke Lombe, computer scientist Daniel Floreani and cybersecurity expert Derek Grocke, who all operate from Adelaide.
A prototype has been built by the Cryptyk team but it is now seeking additional funding through an initial coin offering (ICO) to develop the blockchain-backed technology into a final product. An ICO allows funds to be raised anonymously over the internet by issuing newly created digital tokens.