LyteLoop Closes $40 Million Round

Based in NYC, NY, LyteLoop Technologies, LLC, an emerging storage company developing a method to utilize the power of ultra-high bandwidth lasers to store massive amounts of data in space, announced the closing of a $40 million private, follow-on financing round.

The capital will be used primarily to expand its team, which is developing an advanced storage network to address the inefficiencies of existing land-based 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 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 PoC within 3 years,” said Ohad Harlev, CEO. “The urgent need for secure 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, it will add 4 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.