ICU Ventures invests in Hivecell, a startup with 75% of Ukrainians on its staff

Hivecell, a New York-based Edge-as-a-Service company that’s redefining the category of edge computing, has secured investment from ICU Ventures.

In the comments to AIN.UA, representatives of ICU Ventures reported that 35 people, which is 75 percent of all employees of Hivecell, are Ukrainians.

The amount of the deal was not disclosed, but the representatives of ICU Ventures said that the amount of ICU investment in each startup ranges from $200,000 to $1 million.

The investment in Hivecell is in line with the strategy of ICU Ventures, which mainly invests in technology companies related to Ukraine or Central and Eastern Europe, as a Ukrainian team of developers from Lviv work on development at Hivecell.

“Startups with Ukrainian roots or powered by local developers do not cease to amaze us with their creativity and business savviness. Their success is the best promotion for Ukraine as one of the world’s leading IT powerhouses. We are glad to be a part of that journey,” said Roman Nikitov.

Hivecell edge technologies

According to ICU Ventures, Hivecell combines software and server hardware for efficient edge computing. Unlike other edge solutions, Hivecell does not require a dedicated technical team or special shelves to place servers on.

  • In contrast to cloud computing, edge technologies allow conducting high-level data processing faster and safer at data collection points.
  • Such an approach is especially efficient for businesses with multiple locations (oil wells, solar farms, plants, restaurants, hotel chains, etc.) because data are processed in situ and do not require time and resources to transfer and process them on centralized cloud servers.

“More and more organizations are looking to realize the full potential of IoT and AI deployments and they are shifting from traditional cloud computing to bring compute power back to the true edge, closest to the source of the data. Our solution allows customers to do this with an infinite scale and less resources,” said Jeffrey Ricker, co-founder and CEO at Hivecell.