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Hive Revolutionizes Cloud with €12M Series A

Innovative cloud disruptor Hive secured a €12 million Series A funding round led by SC Ventures
March 28, 2024

In a groundbreaking move, distributed cloud provider Hive has secured a substantial €12 million Series A investment, led by SC Ventures. This funding heralds a new era in cloud computing, as Hive revolutionizes the traditional centralized cloud model with its innovative distributed infrastructure.

Rather than relying on costly physical servers, Hive's platform aggregates the unused storage and computing power of individual devices, creating an efficient and decentralized cloud ecosystem. This approach not only helps businesses optimize their cloud expenditures but also reduces reliance on a handful of major cloud providers, while significantly cutting down on energy consumption.

Joining SC Ventures in this transformative investment are OneRagtime and a consortium of private investors, recognizing the immense potential of Hive's disruptive technology.

According to David Gurlé, Founder of Hive, the company's mission is clear: to democratize cloud access, lower financial barriers, and foster innovation. By harnessing the untapped computing power of billions of connected devices worldwide, Hive aims to create "The Right Cloud" — a greener, more resilient, and equitable cloud solution.

Since its inception in October 2023, Hive has rapidly gained traction, boasting over 25,000 active users and contributors from 147 countries. These users leverage Hive's platform to store files on hiveDisk and contribute spare hard drive capacity to hiveNet, reducing subscription costs and building a distributed cloud network.

The computing resources pooled through hiveNet power hiveCompute, empowering companies to manage diverse workloads such as GenAI inference, video processing, and 3D modeling. With hiveNet's flexible architecture, users can access additional CPU, GPU, or NPU resources as needed, ensuring seamless scalability.

Alex Manson, Head of SC Ventures, emphasized the significance of Hive's technology in enabling cost-effective access to computing power and storage, crucial for ventures with AI-driven components. SC Ventures and its portfolio companies are poised to leverage Hive's services, underscoring their confidence in the platform's potential.

Stéphanie Hospital, CEO of OneRagtime, praised Hive's pioneering approach to distributed cloud, highlighting its role in making cloud access more secure, affordable, and efficient. As an early investor, OneRagtime is committed to supporting Hive's vision and its mission to democratize cloud computing.

With the latest injection of funds, Hive plans to expand its team and global presence, with a particular focus on serving enterprise markets, starting with startups and SMBs. The company is dedicated to advancing product development, fostering an engaged community of contributors, and scaling up its sales and marketing efforts to reach a broader audience.

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