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Geneva’s Hive secures EUR 12 million for its innovative distributed cloud computing model


9 April 2024

Cloud computing specialist Hive has announced the successful completion of a EUR 12 million funding round led by SC Ventures. David Gurlé, founder of Hive. | © Hive

Cloud computing specialist Hive has announced the successful completion of a EUR 12 million funding round led by SC Ventures.

Headquartered in Geneva, Hive has successfully raised EUR 12 million in a Series A funding round led by SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered. The round also saw participation from OneRagtime, a French venture capital fund that previously led Hive’s Seed round, alongside a group of private investors. Since its inception in October 2023, Hive has attracted over 25,000 active users and contributors across 147 countries, marking a new era in cloud computing access and sustainability.

Hive is pioneering a shift from traditional, centralized cloud infrastructures that rely on costly physical servers to a distributed model that leverages unused computing capacities of individual devices. This innovative approach not only enables businesses to manage cloud expenses more efficiently but also reduces dependence on a few dominant cloud providers and significantly cuts down on cloud energy consumption. With data centers currently accounting for up to 3% of global electricity consumption—a figure expected to rise to 4% by 2030—Hive’s model presents a timely solution to the pressing challenges of environmental impact and accessibility in cloud computing.

In the company’s press release, David Gurlé, Hive’s founder, emphasized the company’s commitment to democratizing cloud access, fostering innovation, and promoting a greener, more resilient, and equitable cloud solution. Hive’s community-driven model capitalizes on the vast computing power lying dormant in billions of connected devices, creating a network that is not only more sustainable but also more secure and flexible.

Making computing power and storage more accessible and efficient

Hive’s platform, encompassing hiveDisk for file storage and hiveNet for harnessing unused hard drive capacity, is complemented by hiveCompute, which allows companies to tackle intensive workloads like GenAI inference, video processing, and 3D modeling with enhanced computing power. Additionally, Hive offers the option for companies to establish their own private hiveNets, granting IT managers complete control over networked devices.

SC Ventures and OneRagtime, key investors in Hive, have expressed their strong endorsement of Hive’s distributed cloud technology, recognizing its capability to enhance the accessibility and efficiency of computing power and storage. This support highlights the broader industry acknowledgment of Hive’s approach as a significant innovation in cloud technology, aimed at addressing the increasing need for computing resources — notably for AI applications — alongside challenges related to costs, security, and environmental impact.