Acurast has raised $5.4 million to enhance its network of devices facilitating decentralized cloud computing
The competition for decentralized cloud computation is intensifying. In a press release shared with crypto.news on May 26, Acurast disclosed that it had raised $5.4 million to fuel its decentralized cloud solution.
The company’s valuation was diluted at $90 million, with the token priced at $0.09 in the final sale on May 22. The sale was open to the public to encourage equitable distribution, with a minimum purchase quantity of $100 and a maximum allocation of $2 million per user.
The firm has stated that the capital raised will be allocated to enhancing its network of devices, which are responsible for the operation of the decentralized cloud. This network facilitates various applications, such as decentralized AI and blockchain infrastructure.
“Most of the newly raised capital will be used to enhance our protocol, which continues proving that compute can be verifiable, confidential, energy-efficient, and truly decentralised, powered by the phones in our pockets,” said Alessandro De Carli, President of the Board and Co-Founder of Acurast.
Acurast has exceeded 72,000 handsets, facilitating 256 million transactions to date. This renders it the most decentralized computing network in the organization.
“The ACU token lies at the heart of this economy. Acurast allows anyone and everyone to run compute with their mobile phones, providing real decentralisation, and become stakeholders in the network powering a secure, scalable and decentralised computer economy while incentivising active collaboration and sustainable growth,” Alessandro De Carli.
Major technology companies such as Microsoft, Google, and Amazon have historically dominated cloud computing. These companies invest billions in global data centers and provide their services to online platforms.
In contrast, decentralized cloud solutions depend on distributed network servers, which may include personal devices, as demonstrated by Acurast’s model. This enables users to access the idle computing capacity of their devices in exchange for rewards.