Impossible Cloud Network (ICN) Raises $470M From NGP Capital, the VC Firm That Invested in Helium

Impossible Cloud Network (ICN), Web3's leading decentralized cloud network, is announcing a new investment from NGP Capital

Impossible Cloud Network (ICN), a company building a decentralized cloud network, has reportedly secured an investment from NGP Capital, a venture capital firm known for its early backing of Helium. According to a press release on Wednesday (August 9), NGP Capital's investment values ICN at $470 million.

The new funding round from NGP Capital has attracted interest from Web2 leaders, highlighting the growing interest in data-sovereign cloud solutions. ICN, founded by tech entrepreneur Kai Wawrzinek, is aiming to provide an alternative to centralized cloud providers like Amazon Web Services (AWS), which can be costly and subject to data control.

ICN's research indicates that decentralized cloud solutions are 80% cheaper for enterprises compared to AWS, while also offering superior network performance. Moreover, decentralized cloud services are immune to centralized data control, manipulation, and information loss.

The company's statement emphasizes the importance of decentralized networks in promoting user empowerment and fostering data sovereignty, factors that are becoming increasingly crucial in the age of AI.

NGP Capital, the investment vehicle of Nokia's founding family, has a history of backing transformative companies in Web2 and Web3. With over $1.6 billion of assets under management, NGP Capital has also made investments in Xiaomi and is an early-stage investor in Lime and TravelPayout. The firm's portfolio 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.

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.

About Impossible Cloud Network (ICN)

Impossible Cloud Network (ICN) is building a permissionless, open cloud network to rival Big Tech giants like Amazon Web Services (AWS) and Google. With resilient, high-performance decentralized cloud services, ICN is laying the foundation for a scalable, secure, and community-driven global cloud that supports enterprise, AI, gaming, applications, and end-users.

Users can learn more about ICN: https://www.icn.global

About NGP Capital

NGP Capital is a global VC that invests in early-stage technology companies across Europe and the US. For over two decades, NGP has invested in more than 120 companies, of which 19 became unicorns and 11 went on to IPO. Some of the companies NGP has backed include Lime, GetYourGuide, Helium, Deliveroo, The Exploration Company, and Xiaomi.

Users can learn more about NGP Capital at: https://www.ngpcap.com/