EthStorage, a startup focused on scaling Ethereum L2 storage, has raised $7 million in seed investment. At the end of the round, the company was valued at $100 million.

The fundraising was led by crypto venture capital fund dao5 with participation from SevenX Ventures, Foresight Ventures, Sky9 Capital, Gate Ventures and Galxe. The investment is structured as a simple agreement for future tokens.

EthStorage was founded in 2022 by developer Qi Zhou, who is also the creator of blockchain infrastructure startup QuarkChain.

The project is currently under development. EthStorage is a tier-2 data storage built on top of Ethereum. Its goal is to achieve “petabyte capacity at 1000x cost reduction”