- The web3 AI cloud firm Hyperbolic raised $7 million in a seed round headed by Polychain Capital and Lightspeed Faction.
- By combining GPU processing power, Hyperbolic seeks to lower the amount of resources need for AI computing.
- The company makes use of blockchain technology to guarantee the safe and genuine operation of its network.
Startup capital of $7 million has been raised by Hyperbolic, an artificial intelligence cloud provider based on blockchain technology.
Lead investors in the round were Polychain Capital and Lightspeed Faction. Other backers included Chapter One, LongHash, Bankless Ventures, Republic Digital, Nomad Capital, CoinSummer Labs, Third Earth Capital, Balaji Srinivasan, the former CTO of Coinbase, Illia Polosukhin of Near Protocol, Tekin Salimi, Santiago Santos, Casey Caruso, and Sandeep Nailwal of Polygon.
Hyperbolic aggregates GPU power in an attempt to lower AI compute resource use. The company makes use of blockchain technology to guarantee the safe and genuine operation of its network.
CEO and co-founder of Hyperbolic Jasper Zhang said that the company’s ultimate goal is not to become mired in the details of enhancing AI service performance in order to compete with web2 firms. Rather, our goal is to create an open AI economy and environment to which all may contribute and gain from.
Pre-seed funding of $725,000 was secured by Hyperbolic in November 2022 from a number of sources, including Chapter One, Modular Capital, Samsung Next, Blizzard Fund by Avalanche, IMO Ventures, SNZ Holding, and Ausvic Capital.
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