Zug-based Impossible Cloud Network (ICN), a data-sovereign Web3 cloud platform powering over 1,000 enterprise customers, today announced €28.8 million in total venture funding, propelling the firm to a post-money valuation of more than €398 million.
The oversubscribed financing combines new capital with previously unreported investments including earlier backing from 1kx, Protocol Labs, No Limit Holdings and HV Capital. The latest strategic round was led by NGP Capital.
This announcement is paired with the official launch of ICN’s native token $ICNT.
“In less than two years, we’ve proven that decentralised cloud can outperform big tech,” said Dr Kai Wawrzinek, Co-founder & CEO of ICN. “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.”
Founded in 2024, ICN is building a permissionless, open cloud network with the goal of rivaling Big Tech giants like Amazon Web Services (AWS) and Google. With their decentralised cloud services, ICN looks to lay the foundation for a scalable, secure, and community-driven global cloud that supports enterprise, AI, gaming, applications, and end-users.
With real-world adoption generating €5.9 million of ARR (a 2000% YoY surge) and a vision for over 200 decentralised cloud services, ICN wants to position itself as a genuine alternative to “monopolistic hyperscalers“.
“ICN’s decentralised 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.
The fresh backing accelerates ICN’s mission to deliver enterprise-grade, decentralised storage and compute that’s reprotedly up to 80% more cost-effective than traditional hyperscalers, all while ensuring complete data sovereignty.
“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 decentralised cloud,” said Gin Chao, Founder of No Limit Holdings.
ICN has also confirmed that its native token, $ICNT, will debut on several centralised exchanges (CEXs), including Binance, Bybit, Kraken, Bitget, Gate, KuCoin, Bitvavo, MEXC, and Bitpanda, following the news of the funding milestone.
Each CEX has green-lit the listed and open global access to the token that underpins ICN’s decentralised physical infrastructure network (DePIN)-driven cloud marketplace.
“At 1kx, we back token networks that create solutions for real-world problems. ICN’s enterprise adoption rate demonstrates a significant demand for trust-minimised 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,” stated Christopher Heymann, Founding Partner at 1kx.
ICN has delivered over 80 petabytes (PB) of live storage capacity across enterprise nodes in Europe and the United States, with a further 250 PB set to come online across three continents.
“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.
While storage is the beachhead, the roadmap for ICN now spans over 200 planned services that will extend the platform into compute, 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.
“We invest in leaders, and ICN is already the market-share leader in decentralised 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, Partner at HV Capital.