Web3 AI firm Hyperbolic raises $7 million in seed funding

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The Block2024/07/29 16:00

By:The Block

Quick Take Polychain Capital and Lightspeed Faction led a $7 million seed round in the web3 AI cloud startup Hyperbolic. Hyperbolic aims to reduce the resources spent on AI computing by aggregating GPU computing power. The firm uses blockchain technology to ensure its network runs in a secure and authentic manner.

The blockchain-based artificial intelligence cloud firm Hyperbolic raised $7 million in seed funding.

Polychain Capital and Lightspeed Faction led the round, which saw additional support from Chapter One, LongHash, Bankless Ventures, Republic Digital, Nomad Capital, CoinSummer Labs, Third Earth Capital, former Coinbase CTO Balaji Srinivasan , Near Protocol's Illia Polosukhin, Polygon's Sandeep Nailwal, Casey Caruso, Tekin Salimi and Santiago Santos.

Hyperbolic aims to reduce AI computing resource consumption by aggregating GPU power. The firm uses blockchain technology to ensure its network runs in a secure and authentic manner.

"The ultimate goal of Hyperbolic is not to get bogged down in the minutiae of optimizing AI service performance to compete with web2 companies," Hyperbolic co-founder and CEO Jasper Zhang told The Block. "Instead, we aim to build an open AI ecosystem and economy that everyone can contribute to and benefit from."

In November 2022, Hyperbolic raised $725,000 in pre-seed funding from Chapter One, Modular Capital, Samsung Next, Blizzard Fund by Avalanche, IMO Ventures, SNZ Holding and Ausvic Capital.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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