In a move to extend the reach of “robust, enduring computing resources,” distributed cloud firm Hive is securing €12 million (around $13 million) in Series A funding led by SC Ventures, Standard Chartered‘s division focused on innovation, fintech investment, and ventures. The distributed cloud technology cultivated by Hive offers more cost-effective and efficient access to processing capability and storage.
Based in Geneva, Switzerland, Hive is redefining the cloud as a distributed cloud infrastructure that amalgamates the underexploited hard disk and processing strength of individual devices. This displaces the expensive centralized model reliant on physical servers. Hive’s approach allows businesses to decrease their dependence on a few cloud providers, manage their cloud-related expenditures effectively, and utilize cloud power at a significantly reduced rate. The funding round also saw participation from OneRagtime, a French venture capital fund that spearheaded Hive’s Seed round, and a group of private investors.
In 2023, global data centers, which globally supply power to the cloud, required 7.4 gigawatts of power, marking a 55% surge from 2022. Data centers currently account for 3% of the global electricity consumption, and this figure is anticipated to touch 4% by 2030.
“Hive is responding to the urgent requirement for a fresh cloud paradigm that democratizes access, diminishes financial barriers, and promotes innovation,” stated David Gurlé, the founder and Executive Chairman of Hive. “With billions of devices connected to the Internet and over 70% of our devices’ computational strength, Hive’s community-fueled model forges ‘The Right Cloud,’ offering a more secure, sustainable, and resilient alternative. This also nurtures a more egalitarian cloud solution. We are appreciative of the constant support from INRIA and Bpifrance along with our investors in assisting us to achieve our ambitious goals.”
In order to reduce their membership costs and create the distributed cloud, Hive has gathered over 25,000 active users and contributors from 147 countries. These users store their files on hiveDisk and donate a portion of their unused hard drives to hiveNet. This has been happening since October 2023. The computing power supplied to hiveNet also powers hiveCompute, which enables businesses to handle tasks including 3D modeling, video processing, and GenAI inference.
The architecture of HiveNet makes it possible to access more CPU, GPU, or NPU as needed, increasing the critically required processing power. Businesses looking for more power can also create their own exclusive hiveNet, where IT managers are in complete control of the devices.
Hive announced a Joint Development Partner (JDP) program in December. Through close collaboration with key partners, the JDP program aims to revolutionize the cloud landscape for companies using GenAI LLM calculations.
“We are big believers in Hive’s distributed cloud technology that will allow for 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,” said Alex Manson, the founder of SC Ventures. “In addition to our investment, our ventures will be leveraging Hive’s services.”
“Cloud technology has opened up horizons of innovation, but it also comes with challenges in terms of costs, security, data privacy, and environmental impact, heightened by the increasing demand for computing resources, especially for artificial intelligence,” said Stéphanie Hospital, Founder and CEO of OneRagtime. “Hive facilitates the sharing of computational power resources and makes cloud access more safe, economical, and effective for all users thanks to its innovative distributed cloud methodology. OneRagtime is especially thrilled to support Hive’s team and goals as an early supporter and investment.”
