- With the help of Protocol Labs, Compute Labs has raised $3 million in a pre-seed fundraising round.
- Albert Z, the creator of Compute Labs, told The Block that the funding raised the company’s fully diluted token valuation to $30 million.
Compute Labs, the company behind a GPU tokenization solution based on Solana SOL -8.48%, raised $3 million in a pre-seed funding round.
Compute Labs reported on Wednesday that Protocol Labs, the business behind Filecoin FIL -6.25%, a decentralized file storage network, had lead the investment round.
Blockchain Coinvestors, OKX Ventures, CMS Holdings, HashKey Capital, Amber Group, and P2 Ventures (formerly Polygon Ventures) were among the other investors. The financing was also joined by angel investors Austin Federa of Solana Foundation, Illia Polosukhin of NEAR Protocol, and Sandeep Nailwal of Polygon.
According to founder and CEO Albert Z, Compute Labs started gathering money for its pre-seed round in March of the year it was established and concluded it in April. Z stated that the funding round was set up as a simple agreement for future tokens (SAFT) and that it increased the fully diluted token valuation of Compute Labs to $30 million.
Z stated that Compute Labs is presently conducting a seed round at a much elevated valuation, noting that the pre-seed round had two times as many applicants as it raised.
Compute Labs is developing a tokenization system for real-world assets (RWAs) with computing as its primary value. Data processing and software execution require the processing power of CPUs and GPUs, which is referred to as compute. Z referred to compute as the currency of the future and stated that it is currently one of the most precious commodities, particularly in the age of artificial intelligence.
He added that computation Labs will enable everyone to invest in computation, pointing out that the majority of ordinary investors are currently unable to purchase enterprise-grade GPUs.
According to Z, the protocol will enable consumers to buy high-performance GPUs like the NVIDIA H100 via its GPU-NFTs (GNFTs) by tokenizing computing. Z claims that GNFT is a hybrid SPL22 token on Solana with the capacity to be both fungible and non-fungible at the same time. According to Z, GNFT holders will own that GPU and have the power to cede it.
According to Z, a pre-sale for GNFTs is scheduled to launch this month and last for a few weeks. He also mentioned that there will be a public auction following the pre-sale.
This month, the Compute protocol will go live on the Solana mainnet after existing on the testnet for a while.
Z stated that the protocol will eventually spread to other blockchains, such as NEAR and Monad, even if it is now debuting on Solana. Z is seeking to add more personnel to Compute Labs, which has offices in Seattle and Los Angeles and employs five individuals presently, in a variety of roles such as operations, marketing, and engineering.
Compute Labs asserts that NVIDIA Inception VC Alliance, a program created by NVIDIA to help and accelerate businesses utilizing high-performance computing, AI, and data analytics, is its incubator.
Z stated that Compute Labs benefits from NVIDIA Inception VC Alliance’s go-to-market support, direct communication with NVIDIA business units and original equipment manufacturers, and cost reductions and subsidized GPU supply.
After the seed round, QED has raised a total of $10.6 million through fundraising. Prior to this, it raised $1.35 million in an angel round led by Sparkle Ventures, which is supported by Animoca Brands, and $3.25 million in pre-seed capital from Arrington Capital, StarkWare, Draper Dragon, and others.
QED is a scaling system for Bitcoin that emphasizes verification technologies based on zero-knowledge evidence.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
