Web3 AI firm Hyperbolic raises $7 million in seed funding

Quick Take

  • Polychain Capital and Lightspeed Faction led a $7 million seed round in the web3 AI cloud startup Hyperbolic.
  • Hyperbolic aims to reduce the resources spent on AI computing by aggregating GPU computing power.
  • The firm uses blockchain technology to ensure its network runs in a secure and authentic manner.

The blockchain-based artificial intelligence cloud firm Hyperbolic raised $7 million in seed funding.

Polychain Capital and Lightspeed Faction led the round, which saw 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 Illia Polosukhin, Polygon's Sandeep Nailwal, Casey Caruso, Tekin Salimi and Santiago Santos. 

Hyperbolic aims to reduce AI computing resource consumption by aggregating GPU power. The firm uses blockchain technology to ensure its network runs in a secure and authentic manner.

"The ultimate goal of Hyperbolic is not to get bogged down in the minutiae of optimizing AI service performance to compete with web2 companies," Hyperbolic co-founder and CEO Jasper Zhang 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, Blizzard Fund by Avalanche, IMO Ventures, SNZ Holding and Ausvic Capital.


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About 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 the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto 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. You can follow MK on X @MManoylov and on LinkedIn.

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