Hive Secures €12 Million in Series A Funding to Expand Distributed Cloud Reach

GENEVA, March 28, 2024Hive, a Swiss-based distributed cloud innovator, today announced the closure of its €12 million Series A funding round. SC Ventures led the round, with participation from OneRagtime and other private investors. The company plans to utilize the fresh capital to accelerate team growth, expand its global footprint, and focus on solutions tailored for the enterprise market, including startups and SMBs.

Hive, founded by David Gurlé, aims to democratize the power of distributed cloud computing. Their suite of products, including hiveNet, hiveDisk, and hiveCompute, harness the power of underutilized computing resources from a global network of interconnected devices. This unique approach provides businesses with an accessible and adaptable cloud solution. Additionally, their Joint Development Partner (JDP) program drives innovation with businesses by leveraging GenAI LLM computations.

A Growing Community and Expanding Capabilities

Since its launch in October 2023, Hive has amassed an impressive user base of over 25,000 active users and contributors spanning 147 countries. Its hiveDisk solution allows users to store files securely, offsetting subscription costs through sharing unused storage space with hiveNet. HiveNet, in turn, powers the company’s hiveCompute offering, enabling businesses to dynamically manage demanding workloads like GenAI inference, video processing, and 3D modeling.

Distributed Cloud: A Competitive Landscape

Hive joins a dynamic and expanding market for distributed cloud solutions. Below are other notable players within this space:

  • Storj Labs: Offers decentralized cloud storage with a focus on security and user privacy.
  • IPFS (InterPlanetary File System): A peer-to-peer distributed file system designed for resilient content sharing.
  • Golem Network: Creates a marketplace for distributed computing power, enabling tasks ranging from rendering to scientific calculations.

Deal Table – Key Highlights

HeadquartersGeneva, Switzerland
Funding RoundSeries A
Amount Raised€12 million
Lead InvestorSC Ventures
Other InvestorsOneRagtime, other private investors

About Hive

Hive is a distributed cloud provider focused on delivering accessible and adaptable cloud solutions.

Founded by David Gurlé, the company’s mission is to unlock the power of latent computing resources, building a secure, innovative, and community-driven distributed cloud.

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