Swiss cloud startup Impossible Cloud Network (ICN) raises €28.8 million Funding

ICN provides a Web3 cloud platform focused on data sovereignty and already supports 1,000+ enterprise customers. The funding includes previously unreported investments from 1kx, Protocol Labs, No Limit Holdings, and HV Capital, with the latest round led by NGP Capital. Alongside this announcement, ICN also launched its native token, $ICNT.

“In less than two years, we’ve proven that decentralised cloud can outperform big tech,” said Dr Kai Wawrzinek, Co-founder & CEO of ICN. “With $34 million raised and the biggest exchanges behind us, we’re set to bring sovereign, cost-efficient solutions to every enterprise and developer on the planet.”

Founded in 2024, Impossible Cloud Network (ICN) is building a decentralised, open cloud platform to compete with tech giants like AWS and Google.

Their goal is to create a scalable, secure, and community-driven cloud for businesses, AI, gaming, apps, and everyday users.

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With €5.9M in annual recurring revenue and 2000% year-over-year growth, ICN aims to offer over 200 decentralised cloud services, positioning itself as a real alternative to today’s cloud monopolies.

“ICN’s decentralised architecture answers the enterprise call for sovereign, high-performance cloud infrastructure. We’re excited to help scale a platform that’s already generating value for an industry that requires secure data solutions now more than ever ” said Ossi Tiainen, Partner at NGP Capital.

The new funding will help ICN speed up its mission to provide enterprise-grade, decentralised storage and compute solutions that are reportedly up to 80% cheaper than traditional cloud providers—while giving businesses full control over their data.

“We invested in ICN because they’ve achieved what most infrastructure projects only talk about, real revenue, enterprise clients, and a clear roadmap beyond storage. Their ability to execute at scale, paired with a sharp go-to-market strategy, convinced us they’re building something durable in a decentralised cloud,” said Gin Chao, Founder of No Limit Holdings.

ICN has announced that its native token, $ICNT, will soon be listed on major centralised exchanges (CEXs) including Binance, Bybit, Kraken, Bitget, Gate, KuCoin, Bitvavo, MEXC, and Bitpanda. These listings will make the token globally accessible and support ICN’s DePIN-powered decentralised cloud marketplace.

“At 1kx, we back token networks that create solutions for real-world problems. ICN’s enterprise adoption rate demonstrates a significant demand for trust-minimised and cost-efficient cloud solutions. ICN’s demand traction and market leading GTM engine is their moat, and puts them already in a league of the likes of Amazon Web Services, Google Cloud Platform, and Microsoft Azure,” stated Christopher Heymann, Founding Partner at 1kx.

ICN has already deployed over 80 petabytes (PB) of active storage across enterprise nodes in Europe and the U.S., with plans to add another 250 PB across three continents in the near future.

“Protocol Labs has been championing open, verifiable storage for a long time, and ICN extends those principles to a complete cloud stack. We’re proud to support the team on its journey and look forward to seeing how far it can take us toward true full data sovereignty,” said Lacey-Ann Wisdom, General Partner at Protocol Labs.

While storage is ICN’s starting point, the company plans to roll out over 200 services, expanding into compute, AI inference, and edge networking. Leading this growth is a founding team with two previous nine-figure exits and more than 20 patents in distributed systems.

“We invest in leaders, and ICN is already the market-share leader in decentralised cloud. Its growth metrics are among the strongest we’ve seen, and with this latest valuation update, it’s clear there’s more growth to come. We’re glad to be part of that,” said Jan Miczaika, Partner at HV Capital.

About Impossible Cloud Network

Founded in 2024, Impossible Cloud Network (ICN) is building a next-gen cloud platform that links enterprise-grade hardware with cloud providers. Using SLA oracles, ICN ensures top-tier performance and service quality, offering a reliable, decentralised alternative to traditional cloud solutions for businesses worldwide.