Swiss cloud platform Impossible Cloud Network (ICN) based in Zug secures €28.8 million in funding, reaching a post-money valuation of over €398 million.
The funding round led by NGP Capital includes investments from 1kx, Protocol Labs, No Limit Holdings, and HV Capital, with the launch of ICN's native token $ICNT.
ICN aims to challenge Big Tech giants like Amazon Web Services by offering decentralized cloud services, currently generating €5.9 million in ARR with a vision for over 200 cloud services.
The platform provides enterprise-grade, decentralized storage and compute solutions, positioning itself as a cost-effective alternative to traditional hyperscalers, with plans to expand services into compute, AI inference, and edge networking.