Nebulous the firm behind Sia has been awarded a $400,00 grant from China-based investment firm INBlockchain.

In a press release the company stated that the funds will be used to aid further development of the SIA platform, which has been rumoured to be struggling with funds over the last few months.

“We are thrilled to receive INBlockchain’s generous grant and look forward to continuing Sia development,” said David Vorick, cofounder and CEO of Nebulous. “This grant means Sia does not need to focus on fundraising, and can focus entirely on delivering strong technology.”

Sia’s technology is based around decentralising file hosting through the company’s own Blockchain which manages smart-contracts for the renters looking to host files and the hosters who provide storage space at a flexible cost.

The company aims to be the backbone storage layer of the internet.

At the time of writing Siacoin is priced at $0.007479 with a 24 hour trading volume of $10,923,300, although the price is around 40% down over the last 7 days.