PoliCloud raises EUR 7.5 million fund for growing its global business and for boosting public entities in Europe.
PoliCloud (the “Company”), the rapidly growing provider and developer of next-gen, sovereign, High high-performance computing (HPC) cloud infrastructure, announces its €7.5 million seed fundraise.
The funding was led by Global Ventures, a leading VC firm in MENA, with participation from MI8 Limited, a Hong Kong multi-family office; OneRagtime, a Paris-based venture capital firm; Inria, France’s National Institute for Research in Digital Science and Technology; and other private investors.
The proceeds will be used to hire the operating team and grow its business globally with a focus on public entities in Europe.
PoliCloud provides state-of-the-art distributed cloud infrastructure for secure storage and HPC. The Company’s solution is eco-responsible, affordable, abundant, and secure; meets the sovereignty needs of enterprises, public administrations and local SMEs; is at the edge because of its unique capabilities of providing decentralization of computing through its partnership with Hivenet, the distributed cloud leader and owner of the market’s largest contributor community.
PoliCloud is responding to demand following relentless (c. 20% annually) global cloud growth. Accelerated demand for AI requires affordable and scalable computing power, and the market is ripe for a Europe-led solution to lessen dependence on U.S. cloud providers, who currently dominate the $800 billion market.
