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Salad Technologies Announces $3.2 Million in New Funding
Completed Seed Plus Round Positions Company to Define Future of Distributed Computing
SALT LAKE CITY - DEC. 09, 2020 - Salad Technologies, the leader in monetizing idle compute power, today announced that it has raised $3.2M from institutional investors, led by Carthona Capital, and joined by Kickstart Seed Fund and Royal Street Ventures. This brings the company’s total financing to date to more than $5.3M, further amplifying the company’s mission to be the easiest and most trusted way to share idle compute power.
The new funding will be used to accelerate Salad’s rapid growth through a strategic expansion of the platform’s active user base and technology platform. With more than 400 million powerful gaming PCs globally, Salad’s technology is tapping into a massive market opportunity capable of rivaling the world’s fastest supercomputers. Salad pools these powerful yet underutilized compute resources to create a next-generation distributed infrastructure. The result is a network capable of scaling decentralized compute resources for large enterprise and ambitious research efforts at a fraction of the cost of rival cloud computing providers.
“The internet is in the midst of a phase shift, our demand for compute resources is rapidly outstripping supply and we’re entering an era where every connected device has meaningful value” said Bob Miles, CEO and Founder of Salad. “Our future internet will be defined by artificial intelligence, massive amounts of data and high performance computing, and Salad will be on the front lines to democratize access to compute resources by unlocking the enormous untapped value within consumer computers around the globe - compute resources are quickly becoming a commodity as we enter the Fourth Industrial Revolution. There’s no greater market opportunity on the planet, and no better calling for a technologist who cares deeply about the future of our web.”
Salad is a software application that works in the background to maximize the value of idle PCs by running compute workloads, including the support of blockchain networks by mining cryptocurrency. To start earning, users simply download, install, and run the Salad software application to start accruing Salad Balance, the company’s proprietary form of credit. For new users interested in crypto mining, it vastly simplifies the process of researching new mining tools, performing the technical setup, and keeping up to date with ongoing maintenance and optimization.
Salad is open source and supported by an active Discord server with over 20K members and a rapidly growing network of powerful gaming PCs worldwide. Individuals who run the application to turn their GPU power into online store credits can spend them on subscriptions, games, gift cards, and more.
As Salad expands, it will continue to build out its suite of products to service a growing user community and partner organizations. These services include SaladPay, a streamlined payment gateway that enables partner organizations to accept Salad Balance from existing users without a credit card. “Five years from now, we expect ‘Pay with your PC’ to be ubiquitous in the gaming industry,” said Miles.
For the blockchain community, the company offers SaladBar, which provides blockchain teams with white-knight hashpower and network seeding. Salad’s blockchain partners have access to a powerful network of workload-agnostic PCs that deliver tens to thousands of workers or nodes to seed or support Layer 1 blockchain networks.
“In the emerging world of artificial intelligence, robotics and genome sequencing, the need for computing power is growing at an exponential rate - making it a highly valuable resource,” said Damian Fox, Investment Director at Carthona Capital who will join Salad’s board. “Salad is unlocking huge amounts of this valuable resource that is currently being underutilized from everyday people’s homes, and at the same time increases the size of the addressable market (and revenue opportunity) for game publishers. Game publishers’ addressable market is currently limited to people willing to pay for games and make in-game purchases, but Salad’s offering effectively unlocks a way for players with less propensity to buy to be able to make purchases.”
If you are interested in learning more, please visit: http://www.salad.io
About Salad Technologies
Salad Technologies harnesses the power of idle compute resources for the benefit of users. The company’s mission is to be the easiest and most trusted way to share your idle compute power.
Salad was founded in 2018 by entrepreneur Bob Miles, who has previously worked as an engineer and product manager in the technology sector.
The company is based in Salt Lake City, UT and has a growing remote workforce.
To learn more about Salad, visit https://www.salad.io/