Our investment in Hive
In a significant development for the cloud computing sector, Hive has successfully raised €12M in its Series A funding round. This innovative startup, founded in 2022 by David Gurlé, the former founder and CEO of Symphony, is at the forefront of offering a distributed cloud solution accessible to the general public and businesses alike. Hive’s technology leverages decentralized infrastructure to utilize unused space on users' devices, providing data storage and computational solutions for tasks such as AI model training (LLM) and video processing.
Hive addresses the limitations of traditional cloud computing models by promising a cloud that is independent, secure, and energy-efficient. This approach converts 70% of the unused device capacity worldwide into a "global supercomputer," aiding companies in efficiently managing their cloud expenses, reducing dependence on conventional cloud services, and ultimately lowering the sector's energy consumption.
The startup's technology stands as a response to the increasing energy demands of global data centers, which fuel cloud computing. In 2023, these centers consumed 7.4 gigawatts of energy, marking a 55% increase from the previous year and accounting for up to 3% of global electricity consumption. With projections suggesting this figure could rise to 4% by 2030, Hive aims to transition from centralized cloud models to a distributed infrastructure, thus enabling file storage on hiveDisk and computational capacity through hiveNet and hiveCompute for various workloads, including generative AI inference, video processing, and 3D modeling.
Hive's distributed architecture also offers access to additional processing units (CPU, GPU, NPU) to boost computational power as needed, with options for companies to establish private hiveNets for greater control. The platform has attracted over 23,000 active users and contributors from 147 countries.
With the fresh capital, Hive plans to expand its team and accelerate its international presence, focusing on catering to businesses, especially startups and SMEs. The company also aims to enhance product development, build a community of contributors, and ramp up its sales and marketing efforts to reach users on a larger scale.
David Gurlé highlights Hive's mission to democratize cloud access, lower financial barriers, and foster innovation. The model not only creates a greener, more resilient, and secure network but also garners support from investors, INRIA, and Bpifrance for its ambitious goals. SC Ventures and OneRagtime, along with private investors, have shown strong belief in Hive's distributed cloud technology, envisioning a future where it facilitates more affordable and efficient access to computational power and storage, particularly for AI-intensive applications.
This fundraising effort by Hive mirrors a broader trend of technological advancements aimed at sustainable transformation, with the company poised to redefine cloud computing while addressing the critical challenges of cost, security, data privacy, and environmental impact.
