TLDR:
Key Points:
- SC Ventures leads a €12 million Series A round for Hive to increase access to sustainable distributed cloud computing.
- Hive’s technology transforms unused device capacity into a global supercomputer.
In a bid to enable sustainable distributed cloud computing for businesses and individuals, SC Ventures has spearheaded a €12 million Series A funding round for Hive. Hive’s innovative technology aims to convert 70% of the world’s unused device capacity into a powerful global supercomputer. By reinventing the traditional centralized cloud model with a distributed infrastructure that aggregates individual devices’ unused hard drive and computing capacities, Hive is helping businesses manage cloud-related expenses efficiently, reduce dependency on select cloud providers, and significantly lower cloud energy consumption.
With a growing community of over 25,000 active users and contributors from 147 countries, Hive’s platform allows users to store files on hiveDisk, contribute unused hard drive space to hiveNet, and access hiveCompute for various workloads. The Joint Development Partner (JDP) initiative introduced by Hive in collaboration with key partners aims to innovate the cloud landscape for businesses utilizing GenAI LLM computations. As Hive sets its sights on addressing enterprise markets, the funding will support team growth, global expansion, product development, community building, and sales and marketing efforts. Through its distributed cloud technology, Hive is championing sustainable progress in the digital realm, offering accessible computing power while minimizing environmental impact.
