web3 AI cloud company Hyperbolic has raised $12 million in Series A funding led by venture firms Variant and Polychain Capital, bringing Hyperbolic’s total funding to $20 million.
Other participants in this round included Chapter One, Lightspeed Faction, IOSG, Vertex, GSR, Wintermute Ventures, Blockchain Builders Fund, Alumni Ventures, and Ambush, according to a release sent to The Block.
Hyperbolic integrates a decentralized network of GPU power, leveraging blockchain to ensure trustworthiness and security, and provide open access to AI infrastructure and services. The company plans to use the funds to develop and launch its own blockchain, in addition to strengthening its teams in engineering and several other areas.
“At Hyperbolic, we are building an AI rainforest where builders can find essential resources to innovate, collaborate, and thrive. Like a natural rainforest, our ecosystem is interconnected, vibrant, and regenerative, allowing creators to explore without limits. We support you.” Founder and CEO Jasper Zhang said in a statement to The Block.
Hyperbolic raised $7 million in seed funding led by Polychain Capital and Lightspeed Faction in June, and $725,000 in pre-seed funding.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.