Cloud computing startup Hive raises $13 million in new funding round

Cloud computing startup Hive has completed a Series A round of funding led by SC Ventures, the venture arm of Standard Chartered with $13 million and plans to use this fund to further its plans for a decentralized cloud, using an aggregation of individual devices' unused storage and computing.

Hive founder David Gurlé told Fortune, “It could be one of these big bets that could really work, and if it works, [investors] want to be part of it. The efficiency that we gained, the upcycling capability that we had, and the waste that we reduce from the 10 billion potentially available computers around the world is way too compelling to ignore.”

“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,” said Stéphanie Hospital, founder & CEO at OneRagtime. “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.”