Zug‑based Impossible Cloud Network, or ICN, announced today that it has raised €28.8 M in total venture funding to fuel its Web3 cloud platform. The oversubscribed round lifts the company’s post‑money valuation to more than €398 M.
The financing, which brings together new commitments and earlier undisclosed investments, will coincide with the launch of ICN’s native token, $ICNT, on major exchanges.
Funding Round Details
The latest strategic round was led by NGP Capital and includes backing from 1kx, Protocol Labs, No Limit Holdings, and HV Capital.
In all, the company has now secured €28.8 M, combining fresh capital with previous investments. This puts ICN in a strong position as it expands its decentralised cloud services for over 1,000 enterprise clients.
Token Launch and Exchange Listings
Alongside the funding news, ICN officially rolled out its native token, $ICNT. Binance listed the token first, with a spot listing and spot trading went live on July 3rd, 2025.
Eligible Binance users can redeem Alpha points for an allocation of ICNT via the Alpha Events page between July 3 and July 4.
Other top exchanges, including Kraken, KuCoin, Bybit, Bitget, Gate, Bitvavo, MEXC, and Bitpanda have listed $ICNT token on their platforms.
The $ICNT token is trading at $0.3279 and is down by 46% in the last 24 hours.
Enterprise Adoption and Revenue Growth
Since its founding in 2024, ICN has built a decentralised cloud that serves more than 1,000 enterprises. The platform has already delivered over 80 petabytes of live storage across Europe and the United States, with an additional 250 petabytes coming online across three continents.
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Real‑world use of the network generated €5.9 M in annual recurring revenue, marking a 2 000 % year‑over‑year increase.
Strategic Vision and Services
ICN aims to rival big‑tech cloud giants by offering permissionless infrastructure that supports storage, compute, AI inference, and edge networking. The firm plans to roll out more than 200 decentralised cloud services in the coming years.
By focusing on sovereignty and cost efficiency, ICN says its platform can be up to 80 % more affordable than traditional hyperscalers while ensuring full data control for customers.
Investor Perspectives
“ICN’s decentralised architecture answers the enterprise call for sovereign, high‑performance cloud infrastructure,” said Ossi Tiainen, Partner at NGP Capital.
Gin Chao, Founder of No Limit Holdings, added that ICN’s real revenue and enterprise roster set it apart from typical infrastructure projects. Christopher Heymann of 1kx noted that ICN’s traction and go‑to‑market engine place it alongside Amazon Web Services and Google Cloud.
Backing from Protocol Labs and HV Capital
“Protocol Labs has championed open, verifiable storage, and ICN extends those principles across the cloud stack,” said Lacey‑Ann Wisdom, General Partner at Protocol Labs.
Jan Miczaika, Partner at HV Capital, emphasised the strength of ICN’s growth metrics and leadership, calling the platform the market‑share leader in decentralised cloud.
With its latest funding, ICN will accelerate the development of its cloud marketplace powered by DePIN physical infrastructure. The team holds over 20 patents in distributed‑system design and boasts two prior nine‑figure exits.
ICN plans to deepen its support for AI workloads, gaming applications, and global enterprise deployments as it rolls out additional services.
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