Terminal Three Raises Pre-Seed Funding for Decentralized User Data Infrastructure
August 2, 2023 – Hong Kong, Hong Kong
Terminal Three, a Hong Kong-based Web 3.0 startup, has successfully raised an oversubscribed pre-seed round to build user data infrastructure for a decentralized future.
The company announced today a world-class investor group comprising 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures, Mozaik Capital and others.
The company aims to replace centralized data storage that deprives users of privacy and saddles enterprises with compliance and security issues and their associated costs.
Terminal Three leverages decentralized storage and zero-knowledge proofs to empower an equitable Web 3.0, where user data is freely composable while remaining fully private and secure.
Gary Liu, CEO of Terminal Three, said,
“The continued growth in blockchain allows us to reimagine digital data ownership and security. We believe that data should flow freely between applications to drive innovation and improve user experience but not at the expense of personal privacy and control.”
Terminal Three was co-founded by Gary Liu alongside his partners Malcolm Ong (CPO) and Joey Liu (COO).
All three were former entrepreneurs and business leaders who have built, scaled and transformed some of the world’s leading technology companies.
The co-founders previously worked together at the South China Morning Post, where they led the historic newspaper’s successful digital transformation.
Gary was the Post’s CEO, while Malcolm and Joey were SVP of product and head of strategy, respectively.
Malcolm was also the co-founder and CTO of Skillshare, the world’s largest online learning community for creativity, while Gary and Joey co-founded Artifact Labs, a Web 3.0 startup backed by Blue Pool Capital and Animoca Brands that is preserving historical assets on the blockchain.
Gary is also the founding chair of Web 3.0 Harbour, an association in Hong Kong serving Web 3.0 builders, investors, users and leaders.
Vishal Harnal, managing partner at 500 Global, said,
“I believe Gary, Malcolm and Joey are perfectly suited to address data privacy problems that plague the internet. Their mix of consumer startup success and expertise in enterprise technology could help bridge a critical gap between the old world of centralized data and the new world of decentralized identity.”
Growing need for alternative data infrastructure
Over the past five years, new regulations on data privacy have created a stringent environment for the storage and use of personal information worldwide.
Led by Europe’s GDPR (general data protection regulation) and China’s PIPL (personal information protection law), global regulators and lawmakers are increasingly holding enterprises accountable for the protection of individual privacy.
This trend is set to continue with the approval of the Digital Market Act in Europe and upcoming GDPR-inspired laws in the United States and around the world.
US and UK corporations have spent over $9 billion on GDPR compliance since 2018, with those investing incurring average costs of $1 million annually.
However, over 40% of companies still lack any budget for such compliance while GDPR fines continue to grow, with Meta alone sustaining over $2.3 billion in penalties.
Data security is also a costly enterprise concern as data breaches accelerate in frequency.
Global spending on data security and risk management products is projected to exceed $188 billion in 2023.
However, in a world where 90% of companies rely on multi-cloud environments, data privacy and security issues will grow regardless of investment.
Blockchain technology is increasingly viewed by corporate executives as a solution for user data privacy and security.
In a recent survey of US Fortune 500 companies, Coinbase found that 51% of enterprises that use or plan to use blockchain employ the technology for ‘data collection and management.’
Shawn Cheng, partner at Consensys Mesh, said,
“Terminal Three is a compelling alternative to the non-compliant and unsecured data infrastructure that enterprises rely on today. Data regulations and security laws are becoming more stringent around the world, and companies are finally realizing that self-sovereign data is a great solution for both users and enterprises. We are excited to be involved in this important project.”
Gary Liu added,
“Scaling Web 3.0 will require the re-invention of core enterprise technologies. Terminal Three is building solutions that serve both corporations and individuals to enable this critical shift in our digital world.”
About Terminal Three
Terminal Three is a Hong Kong-based Web 3.0 startup building user data infrastructure for a decentralized future.
The company’s solutions are an alternative to centralized data storage that deprives users of privacy and saddles enterprises with compliance and security concerns.
Terminal Three leverages decentralized storage and zero-knowledge proofs to empower an equitable Web 3.0 where user data is freely composable while remaining fully private and secure.
The company’s founders are successful corporate executives and entrepreneurs, who have built, scaled and transformed some of the world’s most important companies.
Terminal Three is also backed by world-class investors including 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka and Bored Room Ventures.
For more information about Terminal Three, please visit the links below.
Contact
Joey Liu, Terminal Three
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