SONM Pte. Ltd., a startup that is looking to built a cloud supercomputer using blockchain technology, has raised $42 million in an initial coin offering that saw investments from 8,774 participants.

The company is attempted to build a “Supercomputer Organized by Network Mining” that uses an Ethereum-based network to create a hybrid “fog computing” platform. That’s a form of computing that facilitates the operation of compute, storage and networking services between end devices and cloud computing data centers.

With the platform-as-a-service, SONM aims to offer a range of services, including app development, scientific calculations, website hosting, video game server hosting, machine learning for neural networks, video and CGI rendering, augmented-reality location-based games and video streaming services.

The platform also provides miners, who use computers to do calculations to create currency tokens, the ability to gain tokens by conducting calculations for all members of the network. Owners of smart devices can participate in the fog network and sell their computing power though a SONM Application Pool.

SONM’s fundraising comes on the heels of an increasingly heated ICO market that has recently seen Brendan Eich’s Brave browser raise $35 million and the Bancor Project raise $153 million. ICOs are also gaining attention from traditional venture capitalists. Famed investor Tim Draper said in early May that he would be investing in a forthcoming ICO from startup blockchain company Tezos.

Investors in the ICO invested using bitcoin, Ethereum and a number of other cryptocurrencies to purchase a maximum of 331,360,000 SNM etherum-based tokens. The SNM tokens offered in the ICO are now listed and can be traded on the Chinese exchange HitBTC and the smart-contract-based exchange platform EtherDelta.

Image: SONM