← All posts
Hive secures €12M in Series A funding to pioneer a more sustainable future for cloud computing

March 27, 2024

Hive secures €12M in Series A funding to pioneer a more sustainable future for cloud computing

Today marks a crucial moment for Hive as we proudly announce our €12M Series A funding round led by SC Ventures, with additional support from OneRagtime and several private backers. This funding marks a new chapter for Hive—it's the fuel that will power our shared vision for ‘The Right Cloud’ that is sustainable and accessible to all.

Read the Press Release

Hive is changing the cloud, one device at a time

Our mission has always been clear— to weave together unused computing resources using distributed computing technologies and build a cloud that is inherently sustainable, sovereign, affordable, secure, and private. Hive's technology aims to transform 70% of the world’s unused device capacity into a global supercomputer, lessening our reliance on centralized computing. At a time when traditional data centers are consuming an astronomical 7.4 Gigawatts of power and accounting for up to 3% of the global electricity demand, our solution resonates with the urgent call for greener initiatives that will reduce our carbon footprint.

To reach this goal, we follow a community-driven approach. Our customers, aptly named 'Hivers', are more than just users; they are contributors who are shaping a robust, resilient network—one that’s greener, fairer, and ready to face the challenges and demands of our digital age. To date, our active community is over 25,000 strong, storing their files on hiveDisk and contributing a portion of their unused hard drive to hiveNet from over 147 countries.

What does this funding mean for Hive—and for you?

With new developments in areas like GenAI happening almost daily, Hive is committed to empower the next generation of tech, leveraging the power and capacity of our community to democratize cloud access. This latest investment is a nod to Hive's commitment to strengthen the next technological evolution through innovative and cost-effective cloud solutions. Twelve million are a lot of euros- and we plan to make good use of them. Here's how we plan to leverage these funds:

  • Enhance our technology: Our development team is gearing up for rapid evolution, with a keen eye on GenAI and LLM computations.
  • Expand our reach: We're set to cast our net wide, inviting startups, SMBs, and enterprise clients to the Hive community with an escalated marketing effort and strategic partnerships.
  • Build upon our infrastructure: Scalability and reliability are vital as we reinforce the foundation that supports our growing network of Hivers.
  • Innovate further: We will invest in continuous R&D, pushing boundaries to introduce cutting-edge features and services related to the next chapter of cloud computing.
  • Support our community: And of course, we will enhance our teams to produce amazing products, top-tier service, support, and engagement to you, our Hivers.

Looking forward

As we enter this new chapter, we're grateful for the support that brought us here and excited for the future ahead. This victory is not just for Hive; it's a shared win for everyone who has been part of our journey and who believes that there is a better future for the cloud and for the people who use it. Our vision is to empower individuals and businesses by providing unlimited cloud services that unlock the latent potential within existing computing devices, meeting the evolving demands of our digital world. With this funding, we are confident that we will be able to meet this vision.

We welcome our community to keep shaping this future with us. Your input, engagement, and belief in our mission drive our resolve. Thank you for being a vital part of this journey. Let's move forward together towards a sustainable future.

To stay informed about Hive's innovations and join our community of Hivers, take a look at hiveDisk, hiveNet, and how our community is contributing to the greenest cloud in the market today. You can also join our Discord server, follow us on LinkedIn, X, Facebook, Instagram, and you can watch our latest videos on YouTube.