Philipps & Byrne undertook the Product and Tech Due Diligence on Impossible Coud ahead of a funding round of €7m seed led by HV Capital, alongside 1kx, Protocol Labs, TS Ventures and very early Ventures. Hamburg-based Impossible Cloud is the first enterprise-grade cloud storage solution based on web3 technology.
Product and Technology Due Diligence on Impossible Cloud’s Tech Platform
Impossible Cloud stands as the pioneering decentralized, enterprise-grade cloud platform, presenting a holistic solution tailored for B2B customers. They encompass the core advantages of Web3 technology, such as heightened speed, cost-effectiveness, and security, all achieved without the necessity to engage in transactions involving tokens or cryptocurrency.
The tech platform of Impossible Cloud provides an almost boundless storage capacity, designed for 100% durability, aspiring to ensure an industry-leading availability of 99.95%. It offers access to a global network of enterprise-grade storage hubs, ensuring dependable performance and efficiency for their customers. The company has the capability to provide geofencing technology, ensuring that data for customers in the U.S., for instance, remains within the U.S. Another benefit of Web3 is conferring partial ownership to those contributing computing power, motivating them to contribute to the computing foundation. Additionally, they can employ multiple layers of encryption and distribute the security responsibility across multiple node operators. In the long run, Impossible Cloud aims to broaden its enterprise services and contend with a more streamlined infrastructure.
Philipps & Byrne scrutinized the technological terrain at Impossible Cloud, looking at the tech leadership and team, product management, tech stack, fundamental architecture as well as of course hosting, and infrastructure. Furthermore, we assessed the processes regarding quality assurance, security, compliance and privacy.
The findings have been encapsulated in a report, aiming to provide investors with a robust risk and opportunity assessment while aiding Impossible Cloud in their ongoing journey of growth.
About Impossible Cloud
Impossible Cloud is Europe’s premiere cloud storage solution. Their decentralized cloud architecture outperforms current cloud solutions with faster, cheaper, more secure cloud storage. Made in Germany, Impossible Cloud stores all data in top tier, GDPR-compliant data centers and integrates seamlessly with any data management or backup solution. Impossible Cloud provides a high-performance, lower cost alternative to public cloud and a secure, scalable alternative to private cloud, Impossible Cloud offers industry-leading availability, durability, and security for a fraction of the cost.
About HV Capital
Since 2000, HV Capital, formerly HV Holtzbrinck Ventures, has backed Internet and technology companies through various generations of funds and is one of the most successful and financially strongest early-stage and growth venture capitalists in Europe. HV’s funds have already invested in around 200 companies, including Zalando, Delivery Hero, FlixBus and SumUp. The total of all HV‘s funds amounts to €1.7 billion. The company supports startups with capital between €500,000 and €50 million. This makes HV Capital one of the few venture capitalists in Europe that can back startups through all growth phases.