LyteLoop Completes $40M Financing Round

LyteLoop, an emerging and revolutionary data storage company developing a method to utilize the power of ultra-high bandwidth lasers to store massive amounts of data in space, announced today the successful closing of a $40M private, follow-on financing round. The capital will be used primarily to expand the LyteLoop team, which is developing an advanced data storage network to address the inefficiencies of existing land-based data storage-namely security, privacy, environmental and scalability issues.

LyteLoop is an emerging data storage company that will utilize the power of ultra-high bandwidth lasers to store massive amounts of data in space. Since 2015, LyteLoop has been assembling a team and obtaining patents for its plan to move 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 data storage which puts data in a constant state of perpetual motion. LyteLoop's "Storage in Motion" technique will transform how data is stored while providing a myriad of unique and customizable advantages based on the desired LyteLoop application deployed. LyteLoop makes it possible to harness the power of data while consuming less energy. For more information, visit https://www.lyteloop.com.