Hive, a leader in distributed cloud computing, has successfully raised €12 million in Series A funding, led by SC Ventures, the innovation arm of Standard Chartered. The investment will help Hive advance its goal of creating a sustainable, decentralized cloud computing ecosystem. This funding round also saw contributions from OneRagtime, Hive’s early-stage investor, and other private investors.
Revolutionizing Cloud Computing with Sustainable Technology
Hive’s cutting-edge approach to cloud computing transforms unused computing power and storage capacity from devices worldwide into a decentralized global network. By utilizing idle devices, Hive creates a highly efficient supercomputer that not only reduces energy consumption but also eliminates the need for traditional, server-based cloud services. This marks a significant shift in cloud computing, which has been heavily reliant on energy-intensive data centers.
The urgency for sustainable cloud solutions is clear, as data centers experienced a 55% surge in energy demand in 2023. Hive’s innovation addresses this issue by creating a more eco-friendly network that helps reduce the carbon footprint associated with cloud computing.
The Vision of a More Efficient and Green Cloud Ecosystem
David Gurlé, Hive’s Founder, envisions a future where the global internet infrastructure can be harnessed to create a more equitable, efficient, and sustainable cloud ecosystem. By tapping into the processing power of billions of devices, Hive plans to democratize access to computing power, making it available to everyone from startups to large enterprises, all while promoting sustainability.
With more than 25,000 active users across 147 countries, Hive’s model has already proven scalable and highly engaging. The company’s unique distributed network provides significant cost savings for businesses while contributing to a greener future for cloud computing.
The Role of the Series A Investment
The €12 million in Series A funding will be pivotal in expanding Hive’s global reach, particularly in the enterprise sector. The company plans to target startups and small-to-medium businesses (SMBs) to provide them with affordable, sustainable cloud services. The investment will also support the development of Hive’s technology, enhance product features, and foster a growing community of contributors.
As the demand for AI-driven applications grows, the need for flexible, energy-efficient cloud solutions becomes even more pressing. Hive’s model offers a powerful alternative to traditional cloud services, especially for AI ventures that require significant computational resources but are mindful of energy consumption.
Conclusion
Hive’s innovative approach to cloud computing, powered by idle device capacity, offers a sustainable solution to one of the tech industry’s biggest challenges—energy consumption. With the new funding from SC Ventures, Hive is poised to expand its impact on the cloud computing landscape, creating a more equitable and environmentally friendly future for businesses and individuals alike.
