- $15 million has been raised by Exabits in a seed round headed by Hack VC.
- The crypto-AI business was valued at $150 million after the investment.
At a $150 million valuation, Exabits, a crypto-AI business that specializes in tokenizing GPUs, has raised $15 million in its first round of funding.
Exabits said Tuesday that Hack VC led the investment, but it would not identify the other investors. According to co-founder Dr. Hoansoo Lee, Exabits started raising money in July of this year and ended the round in October. He stated that a coin will be introduced in the future but declined to comment on the investment round’s structure.
According to Lee, the seed round raises Exabits’ total funding to $20 million. Lee said that the business raised an undisclosed pre-seed round earlier this year and an unannounced strategic fundraising round led by Portal Ventures, with the two rounds reportedly totaling about $5 million.
Exabits: What is it?
In an effort to decentralize computation, Exabits tokenizes GPUs, which it refers to as “the currency of the digital age.” According to Lee, GPU computation performance has significantly surpassed more conventional assets like gold and bitcoin, indicating room for expansion.
With the development of our cutting-edge infrastructure and distinctive GPU tokenization technique, we are thrilled to be at the vanguard of this transition, propelling growth and market traction as AI’s impact on the world continues to expand.
The competitive environment
GAIB and Compute Labs, Exabits’ closest rivals, have raised $5 million and $3 million in pre-seed funding, respectively, recently. Earlier today, Variant and Polychain Capital led a $12 million strategic investment round for Hyperbolic, a crypto-AI business that has started a GPU marketplace.
Interest in crypto-AI firms is still rising as a result of the combination of AI’s disruptive potential and crypto’s decentralized philosophy. Still, doubt endures. Former Binance executive and managing partner at Nomad Capital Erick Zhang recently issued a warning, saying that many of these firms are following trends without having distinct value propositions.
Nearly everyone will suffer significant financial losses. Attempts to decentralize essential elements of the AI stack are unlikely to upend established centralized players anytime soon, according to David Pakman, managing director of CoinFund.
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.
