Hive wants to use a $13 million Series A round to build a decentralized cloud: ‘It could be one of these big bets that could really work’

Hive, which just raised $13 million – a Series A round led by SC Ventures, Standard Charteredbusiness arm, and is joined by partners including OneRagtime—aspiring startups cloud computing’s the central model.

Cloud infrastructure often revolves around large data centers, but Geneva-based Hive hopes to offer a different, more dispersed version: the integration of unused hard drive and computing resources.

“It could be one of the biggest things that could work, and if it works, [investors] I want to be part of it,” said Hive founder David Gurlé Chance. “The efficiency we achieved, the ability to upgrade the resources we had, and the waste we reduced from the 10 billion computers available around the world are too compelling to ignore.”

This innovation helps businesses better manage their cloud computing costs, promoting server independence rather than relying on a few. cloud providers, and reduce energy consumption, he added. Gurlé sees the distributed and distributed cloud model as “the perfect network” – why burden one computer with 10 hours of work, when 10 devices can complete one hour’s work in a row.

Data centers around the world are known for their high energy consumption: In 2023, they used 7.4 gigawatts of energy, a 55% increase from last year, according to Brightlio data. This is enough about 3% about the use of electricity in the world.

“We are big believers in Hive’s cloud technology that will enable cost-effective and flexible use of computing power and storage, a key factor as many of our businesses have an AI component that requires computing power,” said Alex Manson, CEO of SC. . Ventures, who want to use Hive services.

Users and contributors store files on “hiveDisk” and dedicate a portion of their hard drive not in use to the Hive network “to effectively reduce subscription costs and build a distributed cloud,” according to the company’s statement. As of October 2023, more than 25,000 users and supporters from 147 countries have joined the network. This computing power enables Hive’s enterprise customers to manage a wide range of tasks from GenAI to 3D modeling.

“The centralization of finance in the hands of a few has increased the risk of privacy and data breaches, increased costs, and stifled innovation,” said Stéphanie Hospital, founder and CEO of OneRagtime, in a statement.

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