Impossible Cloud, the cloud platform that provides decentralised and multi-service cloud solutions, has announced that it successfully raised $7.6 million in seed funding. HV Capital and 1kx led the oversubscribed round, with participation from Protocol Labs, TS Ventures, and very early Ventures. With this capital, the company can speed up the introduction of its storage solution, which will help traditional enterprises transition to Web3.
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With a guaranteed 99.955 uptime, which is far higher than the industry average, Impossible Cloud boasts that its platform is built to last. The company also says it has access to a global network of enterprise-grade storage hubs, which it says enables dependable performance and efficiency, giving its customers an edge.
The company’s business strategy provides the essential benefits of web3 for the commercial cloud market by introducing a cloud ecosystem built on web3 technology at the enterprise level. This is likely to disrupt cloud computing as we know it. In addition to working closely with industry-leading SaaS providers to incorporate their services into the platform, Impossible Cloud says it has already attracted significant attention from potential clients.
Impossible Cloud is pioneering the concept of a decentralised cloud for large organisations by creating its own infrastructure. Web3 technology, also known as distributed storage, will be utilised in this strategy. However, cryptocurrencies will not be used for transactions. In a few weeks, Impossible Cloud says the market will see the introduction of the first enterprise-grade object storage device. The seed round takes the total funding received by the company to over $10.9 million, including funds donated by the founders.
There are imminent plans to expand the team at Impossible Cloud and to incorporate in the United States. Centralised providers with big data centres in are unable to adapt to the needs of states that want data to meet certain criteria, such as hosting in a particular location. Impossible Cloud maintains, however, that it can provide geofencing technology, which keeps domestic data where it belongs, protecting American consumers.