Hive’s innovative approach turns idle device capacity into a global supercomputer, securing €12M from SC Ventures to make sustainable cloud computing accessible to all.

SC Ventures, the innovation and ventures arm of Standard Chartered, spearheads a €12 million Series A investment in Hive, a pioneering distributed cloud provider.

This investment propels Hive’s vision of converting 70% of dormant global device capacity into a vast, eco-friendly supercomputer network claims a press release from Hive. French VC OneRagtime, an early supporter in Hive’s Seed round, along with private investors, also contributed to this funding milestone.

Hive’s model transitions from the traditional, server-reliant cloud to a decentralised network leveraging unused hard drive and processing power from individual devices the press release continued.

This shift promises cost-effective cloud management for businesses, reduced reliance on major cloud services, and a significant cut in energy consumption. Data centres, the backbone of global cloud services, saw a 55% surge in energy demand in 2023, emphasising the urgent need for more sustainable solutions.

David Gurlé, Hive’s Founder, envisions a future where the abundant computational power of the internet’s billions of devices is harnessed, fostering a more equitable, efficient, and green cloud ecosystem. Hive’s rapid growth to over 25,000 active users across 147 countries illustrates the scalability and community engagement of its model.

Alex Manson of SC Ventures highlights the pivotal role Hive’s technology plays in democratizing access to computing power, especially for AI-driven ventures. Stéphanie Hospital from OneRagtime echoes this sentiment, underscoring Hive’s potential to overcome traditional cloud computing challenges.

With this new influx of capital, Hive is set to expand its global presence and delve deeper into the enterprise market, particularly targeting startups and SMBs. The focus remains on enhancing product development, fostering a vibrant community of contributors, and scaling user outreach.