The decentralized cloud platform Impossible Cloud has closed a seed round of $7 million. The Block reports.
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The funding round was led by HV Capital and 1kx, with participation from Protocol Labs, TS Ventures, and Very Early Ventures. With the new capital, the startup’s total funding has approached $11 million, VentureBeat reports.
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The co-founders of Impossible Cloud are Kai Vavrzinek, founder of the game studio Goodgame Studios; Christian Kaul, former Airbnb director; and Daniel Beyker, a former employee of the open-source platform D2iQ.
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The startup aims to address the problems of centralized cloud platforms, such as Amazon, Microsoft, and Meta, which suffer from opaque pricing models, capacity constraints, and a single point of failure.
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“We are targeting companies that have already spent more than $10 000 on cloud storage bills and want to save up to 70% of costs,” the co-founders said.
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In February, representatives from Hub71, the technology-focused zone in the Abu Dhabi Global Market launched a $2 billion fund to support Web3 startups.