Hive raises €12M for distributed cloud model

Today, distributed cloud provider Hive raised €12 million Series Al in a deal led by SC Ventures.

Hive is reinventing the cloud from a centralised model that uses expensive physical servers to a distributed cloud infrastructure that aggregates individual devices' unused hard drive and computing capacities. 

Hive's model helps businesses efficiently manage their cloud-related expenses, reduce dependency on a select few cloud providers, and significantly reduces cloud energy use. 

OneRagtime and a collection of private investors also joined the round.

According to David Gurlé, Hive Founder:

"Hive is addressing the pressing need for a new cloud paradigm that democratises access, lowers financial barriers, and encourages innovation.

"With over 70 per cent 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."

Since October 2023, Hive has amassed over 25,000 total active users and contributors from 147 countries, who store their files on hiveDisk and contribute a portion of their unused hard drive to hiveNet to lower their subscription costs and build the distributed cloud.

The computing capacity contributed to hiveNet also powers hiveCompute, allowing companies to manage workloads such as GenAI inference, video processing, and 3D modelling.

HiveNet's architecture provides access to additional CPU, GPU, or NPU when needed, boosting the much-needed computing power. Companies seeking more control could also build their own private hiveNet, where IT managers retain full control over the devices.

 Alex Manson, who heads SC Ventures, shared: 

"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."

According to Stéphanie Hospital, founder and CEO at OneRagtime:

"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."

With its latest funding round, Hive plan on growing its team and global footprint, focusing on addressing the enterprise markets starting with startups and SMBs.

 The team is prioritising several areas of the business, including product development, building an engaged community of contributing Hivers, and sales and marketing efforts to reach users at scale.

Lead image: David Gurlé, Hive Founder and  Alex Manson, SC Ventures. Photo: uncredited.