Check out all the on-demand sessions from the Intelligent Security Summit here.

Today, cross-blockchain decentralized storage and computing network,, announced the closing of a $10M funding round, and the rollout of its first computing resource nodes.

Aleph.ims nodes are designed to uphold a decentralized network that will provide blockchain, dapp (decentralized application) developers and organizations with serverless access to computing power, indexing, and storage capabilities, in order to reduce reliance  on centralized services or provision and management infrastructure.

“This round of funding is a key piece in executing our broader vision for,” said founder Jonathan Schemoul in the official announcement.

“In addition to the immediate rollout of the network’s compute nodes, this year will also bring the activation of storage nodes, meaning the network will be capable of both decentralized processing and decentralized storage. This will enable Web3 builders,  dapps and protocols to fully decentralize up to the last piece of their development stack.”

The serverless computing market 

In a short period of time, has emerged as a key player in the serverless computing market, a market valued at $3.1 billion  in 2017 and projected to reach $21.9 billion by 2025. The company has been off to a strong start in 2022, closing a successful funding round by also announcing a partnership with Ubisoft to bring non-fungible tokens (NFTs) to games like Tom Clancy’s Ghost Recon: Breakpoint.

However, the organization is competing against steep competition from other serverless computing providers, namely Amazon Web Services (AWS), which offers  AWS Lambda, a serverless computing solution that enables users to run code without provisioning or managing servers.

Just last year, AWS hit an annual run rate of $54 billion, with Lambda being one of its key solutions, used by a range of high-profile organizations including Fender,  Coca-Cola, Nielsen, and Stedi.

Another key competitor is Microsoft with Azure Functions, a serverless computing platform designed to enable organizations to develop, deploy and operate applications in the cloud, one of the key solutions enabling the organization to reach an income of $20.5 billion on revenue of $45.3 billion in Q1 2022.

It appears that is aiming to differentiate itself from these providers by building a solution targeted toward blockchain and dApp developers, that offers decentralized computing support to enable them to develop blockchain-enabled apps.

Stratos Technologies led the funding for with support from Zeeprime, NOIA Capital, The, Bitfwd Capital, Ellipti, Incuba Alpha, RareStone, TRGC, Chris McCann, and Owen Simonin.

VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.