Terminal 3 Raises Pre-Seed Funding for Decentralized User Data Infrastructure
Hong Kong, Hong Kong, Aug. 2, 2023, Chainwire
Terminal 3, a Hong Kong-based web3 startup, has raised an oversubscribed pre-seed round to build user data infrastructure for a decentralized future.
The company also announced 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.
Terminal 3 aims to replace centralized data storage with a decentralized system that ensures users’ privacy and eliminates compliance, security issues, and associated costs.
It uses zero-knowledge proofs to create an equitable web3, where user data is freely composable and remains fully private and secure.
“The continued growth in blockchain allows us to re-imagine digital data ownership and security,” said Gary Liu, CEO of Terminal 3. “We believe data should flow freely between applications to drive innovation and improve user experience, but not at the expense of personal privacy and control.”
Gary Liu co-founded Terminal 3 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 have prior experience working together at the South China Morning Post, where they led the newspaper’s digital transformation to success.
Gary was the Post’s CEO, while Malcolm and Joey were SVP of Product and Head of Strategy.
Malcolm was also the Co-founder and CTO of Skillshare, the world’s largest online learning community for creativity.
Gary and Joey co-founded Artifact Labs, a web3 startup backed by Blue Pool Capital and Animoca Brands that is preserving historical assets on the blockchain.
Gary is also the founding chair of Web3 Harbour, an association in Hong Kong serving web3 builders, investors, users, and leaders.
“I believe Gary, Malcolm, and Joey are perfectly suited to address data privacy problems that plague the internet,” said Vishal Harnal, Managing Partner at 500 Global. “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 General Data Protection Regulation (GDPR) and China’s Personal Information Protection Law (PIPL), global regulators and lawmakers are increasingly holding enterprises accountable for protecting 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 frequently increase. Global spending on data security and risk management products will 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.
Corporate executives increasingly view blockchain technology 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.”
“Terminal 3 is a compelling alternative to the non-compliant and unsecured data infrastructure that enterprises rely on today,” said Shawn Cheng, Partner at Consensys Mesh. “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.”
“Scaling web3 will require the re-invention of core enterprise technologies,” added Gary Liu. “Terminal 3 is building solutions that serve both corporations and individuals, to enable this critical shift in our digital world.”
About Terminal 3
Terminal 3 is a Hong Kong-based web3 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.
It leverages decentralized storage and zero-knowledge proofs to empower an equitable web3 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 influential companies.
Terminal 3 is 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 3, please visit Terminal 3’s: Official Website | Twitter | LinkedIn
Contact
Joey Liu
Terminal 3
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