SC Ventures Leads Hive's €12M Series A, Enabling Sustainable Distributed Cloud Computing for the Masses
GENEVA, March 29, 2024 /PRNewswire/ -- SC Ventures, Standard Chartered's innovation, fintech investment and ventures arm, is leading a €12 million (USD $13 million) Series A round for distributed cloud provider Hive, to increase access to sustainable, high-powered computing resources for businesses and individuals. OneRagtime, a French venture capital fund that led Hive's Seed round, and a collection of private investors also joined the round.
- Hive is reinventing the cloud from a centralized model that uses expensive physical servers to a distributed cloud infrastructure that aggregates individual devices' unused hard drive and computing capacities.
- Hive's model helps businesses efficiently manage their cloud-related expenses, reduce dependency on a select few cloud providers, and significantly reduces cloud energy use.
- In 2023, global data centres, which power the world's cloud, required 7.4 Gigawatts of power , a 55% increase from 2022.
- Hive is a champion of sustainable technological progress, offering a practical solution to the challenges posed by traditional cloud computing models.