Skynet Labs, a Boston-based blockchain company formerly known as Nebulous, said it is shutting down because it cannot raise more funds.
The company, which had raised $9.6 million in seven funding rounds since 2014, said in a blog post that it “has been unable to complete its next round of fundraising and will be shutting down.”
CEO David Vorick said in the post that associated company Skynet, a decentralized storage and app hosting platform, will remain online. “Thankfully, Skynet as a platform will be able to continue operating: all user files will remain online and key portions of the infrastructure will continue to be actively developed.”
Vorick said of Skynet Labs that it was “with great sadness that we will be letting the members of our team go, even though we have every need for and appreciation of their efforts.”
In October 2020, Skynet Labs launched a new feature for Skynet called SkyDB, a platform for developers who want to build decentralized social media platforms.
Skynet Labs last raised $3 million in a funding round led by Paradigm in September 2020.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.