On Wednesday (May 16), local time in the United States, at the 2018 Coindesk Consensus Conference, Orbs, an Israeli blockchain Infrastructure as a Service (IaaS) platform for large-scale consumer applications, announced that it had received a sum of US$118 million. A new round of financing, but the company did not disclose specific investor information, only said that it will use the latest funds to accelerate the development and promotion of the Orbs platform. In addition, they announced that they will bring the platform to the market in June this year.
Orbs goal is to commoditize large-scale consumer application blockchain infrastructure, so they are building a decentralized public platform to help the entire software application industry more easily implement blockchain technology transformation.
As a decentralized blockchain underlying architecture, Orbs can provide comprehensive support for mainstream applications to access the blockchain. The platform currently consists of two main infrastructure products, one is a consensus-based decentralized computing service (smart contract), and the other is also a formula-based decentralized storage service. Orbs blockchain infrastructure services are specifically designed to meet the needs of large-scale consumer applications. The above two core products can also be combined with infrastructure services and service level agreements (SLAs) familiar to companies such as Amazon Cloud Services (AWS).
The company’s co-founder, Uriel Peled, said:
The consumer application market is mature, and Orbs has the unique background and industry insight to design blockchains to the specific needs of developers of large consumer applications.
It is worth mentioning that the Orbs network is extremely scalable and can handle billions of transactions per day for a large number of users. Not only that, in order to meet the ever-changing regulatory requirements for consumer applications, Orbs also provides a scalable regulatory model to support enterprises in addressing various legal and compliance challenges.
Previously, the company also received a Series B round of financing participated by payment giant MasterCard and Santander InnoVentures, an investment arm of Santander Bank.
