Cloud storage startup Streem has secured $875,000 in its seed funding round just a week after its Streem Drive product was launched. The round was backed by Y Combinator, 500 Startups, IronFire Capital,Arbor Ventures, Start Fund, Andres Barreto of Grooveshark, and other angel investors, according to TechCrunch.

Ritik Malhotra, the co-founder and chief executive officer (CEO) of Streem, said the startup's product worked better in terms of storing and transporting large media files compared to other external hard drives. The latter usually have limited storage and this can be a problem for users who want to store lots of high-quality videos, the report explained.

With Streem, users only need to pay $20 every month to get access to unlimited storage. Malhotra explained that the company is able to pull this off through de-duplication and compression. A combination of these two helps save a lot of space. The technology that Streem uses automatically adjusts the video stream quality based on the available bandwidth, the report detailed.

Streem has developed apps for the web, Mac, Linux, Windows, iOS, and Android, TechCrunch added.