NodeShift Secures $3.2M Funding for Cloud Services

NodeShift, a provider of decentralized cloud services, raised $3.2 million in a funding round led by Inovo VC, with participation from Notion Capital.

Inovo VC led a $3.2 million fundraising round that NodeShift, a provider of decentralized cloud services, disclosed. Notion Capital and 10x Founders were also involved in the funding, and Epic Games‘ Kestrel0x1 joined as an angel investor.

Andrey Surkov and Mihai Mărcuță, two ex-Cisco engineers, started NodeShift to provide Web3 developers with access to large cloud providers’ discounted extra computing resources using a unified API.

With NodeShift’s application programming interface (API), Web3 developers can tap into surplus storage, processing power, and graphics accelerators from decentralized web services like Akash and Filecoin.

Mărcuță informed the reporters that there are hundreds of data centers like this, and that many of them have extra capacity that is just lying there, ranging from 10 to 20 percent. “The pricing is incredibly low. We are talking about pricing that are 70 to 80% cheaper when compared to standard cloud providers.

According to the business, their solution can reduce processing expenses for customers by as much as 70% when compared to major cloud providers’ rates and products like Nvidia’s A100 GPUs.

“Developers to choose exactly where their projects are located (down to the data center)” according to the NodeShift team, who added that their company has set up arrangements with independent data centers.

The business boasted that its partner data centers have all the usual enterprise-level certifications, including SOC 2 and ISO 27000, since they were accredited by the Uptime Institute.