ICN wins investment from tech VC to expand decentralized cloud services
Impossible Cloud Network (ICN), Web3’s leading decentralized cloud network, is announcing a new investment from NGP Capital, the venture capital firm that invested in Helium, is backed by telecommunications giant Nokia, and has just valued ICN at $470 million.Â
Led by tech entrepreneur Kai Wawrzinek, founder of NASDAQ Unicorn Goodgame Studios, ICN is meeting increasing demand for data-sovereign cloud solutions. The funding round from NGP has attracted substantial interest from Web2 leaders keen to expand into this growing sector.
Commenting on this significant milestone, Wawrzinek says: “With NGP Capital, we’ve found a perfect partner with deep expertise in cloud and edge computing that can advise on large-scale infrastructure projects. We are thrilled to be partnered with an investor who believes in ICN’s vision.”
With over $5 million of annual recurring revenue, ICN is already proving the case for decentralized cloud models, which offer significant cost savings compared to centralized providers. ICN’s research shows decentralized cloud solutions are 80% cheaper for enterprises than Amazon Web Services (AWS), while network performance is often superior.
More than this, decentralized cloud services are immune to centralized data control, manipulation, and information loss. By their very nature, decentralized networks also promote user empowerment and foster data sovereignty – both increasingly important factors in the age of AI.
NGP Capital has a history of backing transformative Web2 and Web3 companies, including Xiaomi and Helium. The firm has over $1.6 billion of assets under management and boasts 19 unicorns and 11 IPO exits. As such, its investment in ICN is a strong signal that data sovereignty and decentralized architecture are crucial future technologies.
Ossi Tiainen, Partner of NGP Capital, says, “We believe ICN’s innovative decentralized approach has the potential to reshape the global cloud landscape, providing data protection and data sovereignty where it doesn’t exist now. The company’s impressive traction and experienced team make ICN a serious contender among the next generation of cloud infrastructure providers, and we’re excited to be on board.”
ICN is currently poised to list its native token $ICNT, which will play a pivotal role in the ecosystem by rewarding independent node operators and providing governance rights to key stakeholders. The token’s upcoming launch on leading centralized exchanges will boost both accessibility and ecosystem growth as the firm expands globally.
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