Terminal 3 Raises Pre-Seed Funding for Decentralized User Data Infrastructure

DJ Terminal 3 Raises Pre-Seed Funding for Decentralized User Data Infrastructure

Chainwire 
Terminal 3 Raises Pre-Seed Funding for Decentralized User Data Infrastructure 
02-Aug-2023 / 01:00 GMT/BST 
The issuer is solely responsible for the content of this announcement. 
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Hong Kong, Hong Kong, 02/08/2023, Chainwire 
 
Terminal 3, a Hong Kong-based Web3 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 3 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 continued growth in blockchain allows us to reimagine digital data ownership and security," said Gary Liu, CEO 
  of Terminal 3. "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 3 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 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 
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 USUSD9 billion on GDPR compliance since 2018, with those investing incurring 
average costs of USUSD1 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 USUSD2.3 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 USUSD188 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'. 
  "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. Terminal 3 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 important companies. Terminal 3 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 3, please visit Terminal 3's: Official Website | Twitter | LinkedIn 
Contact 
Joey Liu 
Terminal 3 
joey@terminal3.io 
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The issuer is solely responsible for the content of this announcement. 
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August 01, 2023 20:00 ET (00:00 GMT)