Hyperbolic, a blockchain-based AI cloud firm, has raised $7 million in seed funding to reduce AI computing resource consumption by aggregating GPU power.
Points
- Hyperbolic raised $7 million in seed funding, led by Polychain Capital and Lightspeed Faction.
- The firm aims to reduce AI computing resource consumption by aggregating GPU power.
- Hyperbolic uses blockchain technology to ensure a secure and authentic network.
- The goal is to build an open AI ecosystem and economy.
- Hyperbolic previously raised $725,000 in pre-seed funding.
Hyperbolic, a blockchain-based artificial intelligence cloud firm, has successfully raised $7 million in seed funding. The funding
round was led by Polychain Capital and Lightspeed Faction, with 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, using blockchain technology to ensure its network runs securely and authentically. “The ultimate goal of Hyperbolic is not to get bogged down in the minutiae of optimizing AI service performance to compete with web2 companies,” said Hyperbolic co-founder and CEO Jasper Zhang. “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.
Explanation
- Hyperbolic’s successful seed funding round reflects strong investor confidence in the firm’s vision and technological approach.
- The use of blockchain technology to aggregate GPU power addresses the critical challenge of high AI computing resource consumption.
- Building an open AI ecosystem allows for broader participation and benefits, aligning with the decentralized ethos of blockchain technology.
- Previous funding rounds underscore the firm’s growth and continued development in the AI and blockchain space.
