Switzerland

Geneva-based Cloud-Tech Startup Hive Secures €12 Million in Series A Round Funding

Mar 27, 2024 | By Startup Rise EU

  • Swiss startup Hive secures €12 million in series A round funding.
  • Founded in 2022, Hive is reinventing the cloud from a centralized model.
Geneva-based cloudtech swiss startup Hive secures €12 million in series A round funding

Hive, a Switzerland Startup, has raised €12 million in a series A fundraising round. SC Ventures, Standard Chartered's innovation, fintech investment, and ventures arm, led this financing in an effort to give more people and companies access to powerful, long-lasting computer resources.

It's, seed round was led by OneRagtime, a French venture capital fund, and included a number of individual investors.

Read more - Lisbon-based UpHill Raises €7 Million in Series A Round Funding

It approach greatly lowers cloud energy use, helps organisations manage their cloud-related costs more effectively, and lessens reliance on a small number of cloud providers. Global data centres, which supply energy to the cloud globally, used 7.4 gigawatts in 2023, a 55% increase from 2022. According to forecasts, data centres might consume up to 4% of the world's electricity by 2030, compared to their current 3% share.

David Gurlé, Hive founder said, “It is addressing the pressing need for a new cloud paradigm that democratizes access, lowers financial barriers, and encourages innovation, With over 70% of the computing power available in our devices and billions of devices connected to the Internet, Hive’s community driven model builds ‘The Right Cloud’ to offer a greener, more resilient network and secure alternative that also promotes a more equitable cloud solution. We thank our investors, as well as INRIA and Bpifrance, for their continuous support as we look to achieve our ambitious goals.”

In order to successfully reduce their membership costs and create the distributed cloud infrastructure, it has gathered over 25,000 total active users and contributors from 147 countries. These users store their files on hiveDisk and donate a portion of their underutilised hard drives to hiveNet.

Contributed computing power to hiveNet fuels hiveCompute, which enables enterprises to handle workloads including 3D modelling, video processing, and GenAI inference. HiveNet's architecture boosts the much-required computing power by allowing access to additional CPU, GPU, or NPU as needed. Businesses looking for more power can even create their own exclusive hiveNet, where IT managers are in complete control of the gadgets.

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Manson, who heads SC Ventures said, “We are big believers of Hive’s distributed cloud technology that will enable 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, In addition to our investment, our ventures will be leveraging Hive’s services.”

Stéphanie Hospital, Founder & CEO at OneRagtime said, “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, Hive, with its pioneering approach to distributed cloud, makes cloud access more secure, affordable, and efficient for everyone, and enables the sharing of computational power resources. As an early investor and believer, OneRagtime is particularly excited to support Hive’s vision and team.”

It is an advocate for sustainable technological advancement, providing a workable answer to the problems associated with conventional cloud computing models. It's goals for its most recent fundraising round include expanding its staff and presence throughout the world while concentrating on serving the enterprise markets, beginning with startups and SMBs.

About Hive

Hive, a Cloud tech startup , is reimagining the cloud by combining the underutilised hard drive and processing power of individual devices to create a distributed cloud architecture, replacing the costly centralised model that employs physical servers.

Read also - German Medtech Startup Protembis Secures €30M in Series B Funding for Innovative Heart Surgery Device

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