Hyperbolic, a blockchain-based AI cloud company, has raised $7 million in seed investment.
Polychain Capital and Lightspeed Faction led the round, 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 Ilya Polosukin, Polygon’s Sandeep Nilewal, Casey Caruso, Tekin Salimi, and Santiago Santos.
Hyperbolic aims to reduce AI computing resource consumption by pooling GPU power. The company uses blockchain technology to ensure that the network runs in a secure and reliable manner.
“Hyperbolic’s ultimate goal is to not get bogged down in the details of optimizing AI service performance to compete with web2 companies,” Jasper Zhang, Hyperbolic’s co-founder and CEO, 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, Avalanche’s Blizzard Fund, IMO Ventures, SNZ Holding, and Ausvic Capital.
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About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.