Impossible Cloud Network (ICN) has raised $34 million in venture funding for its decentralized Web3 cloud storage and compute platform.
The company, which has more than 1,000 enterprise customers, said it has a post-money valuation of $470 million. NGP Capital led the round.
The oversubscribed financing combines new capital with previously unreported investments including earlier backing from 1kx, Protocol Labs, No Limit Holdings and HV Capital.
The fresh backing accelerates ICN’s mission to deliver enterprise-grade, decentralized storage and compute that’s up to 80% more cost-effective than traditional hyperscalers, all while ensuring complete data sovereignty. It competes with rivals like Amazon Web Services.
“In less than two years, we’ve proven that decentralized cloud can outperform big tech,” said Kai Wawrzinek, CEO of ICN, in a statement. “With $34 million raised and the biggest exchanges behind us, we’re set to bring sovereign, cost-efficient solutions to every enterprise and developer on the planet.”
ICN has confirmed that its native token, $ICNT, will debut on several top-tier centralized exchanges (CEXs), including Binance, Bybit, Kraken, Bitget, Gate, KuCoin, Bitvavo, MEXC, and Bitpanda, following the news of the funding milestone. Each CEX has greenlit the listed and open global access to the token that underpins ICN’s decentralized physical infrastructure network (DePIN)-driven cloud marketplace.
“ICN’s decentralized architecture answers the enterprise call for sovereign, high-performance cloud infrastructure. We’re excited to help scale a platform that’s already generating value for an industry that requires secure data solutions now more than ever ” said Ossi Tiainen, Partner at NGP Capital, in a statement.
“At 1kx, we back token networks that create solutions for real-world problems. ICN’s enterprise adoption rate demonstrates a significant demand for trust-minimized and cost-efficient cloud solutions. ICN’s demand traction and market leading GTM engine is their moat, and puts them already in a league of the likes of Amazon Web Services, Google Cloud Platform, and Microsoft Azure,” said Christopher Heymann, founding partner at 1kx, in a statement.
“We invested in ICN because they’ve achieved what most infrastructure projects only talk about, real revenue, enterprise clients, and a clear roadmap beyond storage. Their ability to execute at scale, paired with a sharp go-to-market strategy, convinced us they’re building something durable in a decentralized cloud,” said Gin Chao, founder of No Limit Holdings, in a statement.
“Protocol Labs has been championing open, verifiable storage for a long time, and ICN extends those principles to a complete cloud stack. We’re proud to support the team on its journey and look forward to seeing how far it can take us toward true full data sovereignty,” said Lacey-Ann Wisdom, General Partner at Protocol Labs, in a statement.
“We invest in leaders, and ICN is already the market-share leader in decentralized cloud. Its growth metrics are among the strongest we’ve seen, and with this latest valuation update, it’s clear there’s more growth to come. We’re glad to be part of that,” said Jan Miczaika, a partner at HV Capital, in a statement.
ICN said its commercial traction is evident as it has more than $7 million in annual recurring revenue — a 2000% YoY surge — and currently delivers over 80 petabytes (PB) of live storage capacity across enterprise nodes in Europe and the United States. A further 250 PB is set to come online across three continents.
While storage is the beachhead, the roadmap for ICN now spans over 200 planned services that will extend the platform into compute, artificial intelligence (AI) inference, and edge networking. Guiding this expansion is a founding team with two prior nine-figure exits and over 20 patents in distributed-system design.
