Hamburg-based Impossible Cloud has raised €7 million in a seed round. According to the company, the round was “heavily oversubscribed” and co-led by HV Capital and 1kx, with Protocol Labs, TS Ventures, and very early Ventures participating. Since late January 2022, Impossible Cloud has raised €10 million.
The company says that the fresh precipitation will be used to accelerate the market entry of its decentralised, multi-service cloud solutions. More specifically, Impossible Cloud intends to incorporate in the US, build an elastic network of enterprise-grade storage hubs, and expand the capabilities of its platform.
“Our ultimate goal is to create a decentralized, cost-effective, enterprise-grade cloud platform that will revolutionise the way businesses utilize cloud services, providing enhanced efficiency, elasticity, and security,” commented Impossible Cloud co-founder Kai Wawrzinek.
According to the company, they’re the first decentralised, enterprise-grade cloud platform offering a comprehensive suite of services backed by a fiat-based payment system and business model catering to B2B customers on the block.
In a nutshell, what this means is that Impossible Cloud is making possible to business customers the key benefits of web3 technologies: increased speed, affordability, and security, without the need to transact with tokens or cryptocurrency.
"Cloud services have quickly disrupted countless industries, but today’s systems have already become ‘legacy’ and are riddled with limitations,” says Wawrzinek. “We’ve reimagined what cloud storage can do and the value it delivers, accomplishing what many considered impossible.”
On the investment, HV Capital’s Jan Miczaika commented, "Impossible Cloud is disrupting cloud computing. By entering the market with an enterprise-grade cloud storage ecosystem leveraging web3 technology, the company’s business model delivers the critical benefits of web3 for the enterprise cloud market. In addition to this revolutionary approach, the founding team has a strong track record of founding and scaling successful businesses.”