Salt Lake City-based Salad recently announced it has closed a $17 million series A funding round. The Funding was led by Left Lane Capital and Origin Ventures alongside existing investors, Cottonwood Heights, Utah-based Kickstart Fund, Park City-based Royal Street Ventures, and Carthona Capital.
Salad is a compute-sharing network where gamers and everyday people exchange idle compute resources for rewards.
According to the Salad news release:
“Today, more than half of all available compute resources sit idle within our own homes, locked inside gaming rigs or other performance PCs. As our lives become further entwined with digital experiences, latent consumer resources like storage, bandwidth, and compute cycles could become the precious commodities of the 21st century.”
"The Salad network is an incredibly unique asset,” said Derek Urben at Left Lane Capital. “We're looking forward to supporting the Salad team as they and their volunteer community come together to build the world's largest distributed data center."
According to Salad CEO, Bob Miles, Salad network participants “have contributed 8,000+ years of processing cycles to Ethereum and dozens of other cryptocurrency networks.”
“Gamers in our community annually claim over 3 million games, subscriptions, gift cards, and other digital rewards using just the power of their PCs,” Miles explained. “You've joined us in donating thousands to environmental charities like 1% for the Planet and #TeamTrees. And in four years of service, no one has ever suffered a security intrusion or incurred hardware damage while using our software.”
Salad achieved 10X network growth in 2021 and will use this latest funding round to expand its engineering team and accelerate the development of the SaladCloud platform.
A new marketplace vertical will allow third-party enterprises to access and scale using Salad’s affordable, computesharing-powered cloud services.