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Hive, which just raised $13 million\u2014a Series A round led by SC Ventures, Standard Chartered<\/a>\u2019s venture arm, and joined by participants including OneRagtime\u2014wants to reinvent cloud computing\u2019<\/a>s centralized model.<\/p>\n Cloud infrastructure typically orbits large, physical data centers, but Geneva-based Hive hopes to offer an alternative, dispersed model: an aggregation of individual devices\u2019 unused hard drive and computing capacities.<\/p>\n \u201cIt could be one of these big bets that could really work, and if it works, [investors] want to be part of it,\u201d Hive founder David Gurl\u00e9 told Fortune<\/em>. \u201cThe 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.\u201d<\/p>\n This restructuring toward decentralization should help businesses more efficiently plan for cloud-related expenses, promote server autonomy instead of relying on a small number of cloud providers<\/a>, and reduce energy use, he added. Gurl\u00e9 sees a distributed and decentralized cloud model as \u201cthe most efficient network infrastructure\u201d\u2014why burden one computer with a 10-hour task, when 10 devices could complete an hour\u2019s work in tandem.<\/p>\n Global data centers are notoriously power intensive: In 2023, they consumed 7.4 gigawatts of power, a 55% increase from the previous year, according to Brightlio data. This amounts to about 3%<\/a> of global electricity consumption.<\/p>\n \u201cWe are big believers of Hive\u2019s distributed cloud technology that will enable cheaper and more efficient access to computing power and storage, a critical point when most of our ventures have an AI component requiring increasing such computing power,\u201d said Alex Manson, head of SC Ventures, which plans to use Hive\u2019s services.\u00a0<\/p>\n Users and contributors store files on \u201chiveDisk\u201d and contribute a segment of their unused hard drive to Hive\u2019s network \u201cto effectively lower their subscription costs and build the distributed cloud,\u201d according to a company statement. Since October 2023, over 25,000 users and contributors from 147 countries have joined the network. This extra computing capacity allows Hive\u2019s corporate customers to manage workloads ranging from GenAI to 3D modeling.<\/p>\n \u201cThe centralization of computational resources into the hands of a few has heightened the risks of privacy violations and data exploitation, escalated cloud costs, and stifled innovation,\u201d St\u00e9phanie Hospital, OneRagtime\u2019s founder and CEO, said in a statement.<\/p>\n<\/div>\n\nLearn more about all things crypto with short, easy-to-read lesson cards. Click here for Fortune’s Crypto Crash Course<\/a>.<\/div>\n<\/div>\n