Singapore-based SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, led EUR 12 million (USD $13 million) Series A round for distributed cloud provider Hive. The company announced the investment on March 27, 2024. Meanwhile, OneRagtime, a French venture capital fund that led Hive’s Seed round, and a collection of private investors also joined the round.
Purpose of funding for Hive
With the recent increase, the company seeks to increase access to sustainable, high-powered computing resources for businesses and individuals.
What the Hive’s official has to add
David Gurlé, Hive Founder, said, “Hive is addressing the pressing need for a new cloud paradigm that democratizes access, lowers financial barriers, and encourages innovation. With over 70% of the computing power available in our devices and billions of devices connected to the Internet, Hive’s community-driven model builds ‘The Right Cloud’ to offer a greener, more resilient network and secure alternative that also promotes a more equitable cloud solution. We thank our investors, as well as INRIA and Bpifrance, for their continuous support as we look to achieve our ambitious goals.”
What the investors have to comment
Alex Manson, who heads SC Ventures, further commented, “We are big believers of Hive’s distributed cloud technology that will enable cheaper and more efficient access to computing power and storage, a critical point when most of our ventures may have an AI component requiring increasing such computing power. In addition to our investment, our ventures will be leveraging Hive’s services.”
In addition, Stéphanie Hospital, Founder & CEO at OneRagtime, said, “Cloud technology has opened up horizons of innovation, but it also comes with challenges in terms of costs, security, data privacy, and environmental impact, heightened by the increasing demand for computing resources, especially for artificial intelligence. Hive, with its pioneering approach to distributed cloud, makes cloud access more secure, affordable, and efficient for everyone and enables the sharing of computational power resources. As an early investor and believer, OneRagtime is particularly excited to support Hive’s vision and team.”
About the company
Hive is an advocate for sustainable technological advancement, providing a workable answer to the problems associated with conventional cloud computing models. Hive’s goals for its most recent fundraising round include expanding its staff and presence throughout the world while concentrating on serving the enterprise markets, beginning with startups and SMBs. Product development, creating a vibrant community of contributing Hivers, and scaling up sales and marketing are among the business areas the team is giving priority to.
In order to significantly reduce their membership costs and create the distributed cloud, Hive has gathered over 25,000 active users and contributors from 147 countries since October 2023. These users store their files on hiveDisk and donate a portion of their unused hard drives to hiveNet. Contributed computing power to hiveNet drives hiveCompute, which enables enterprises to handle workloads including 3D modeling, video processing, and GenAI inference. HiveNet’s architecture boosts the much-required computing power by allowing access to additional CPU, GPU, or NPU as needed. Businesses looking for more power can even create their own exclusive hiveNet, where IT managers are in complete control of the gadgets.
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