Quick take:
The fundraising also attracted participation from Chapter One, LongHash, Bankless Ventures, Republic Digital, Nomad Capital, CoinSummer Labs, and Third Earth Capital.
The company plans to lower the cost of AI computing resources by aggregating GPU power.
Hyperbolic wants to build an AI ecosystem and economy that empowers all contributors.
Hyperbolic has secured a $7 million seed round co-led by Polychain Capital and Lightspeed Faction. The fundraising also attracted participation from Chapter One, LongHash, Bankless Ventures, Republic Digital, Nomad Capital, CoinSummer Labs, and Third Earth Capital.
The decentralised AI firm wants to lower the cost of AI computing by aggregating GPU power.
Former Coinbase chief technology officer Balaji Srinivasan, Illia Polosukhin of Near Protocol and Polygon’s Sandeep Nailwal were among those who joined as ange investors.
The Hyperbolic network is secured with blockchain technology, ensuring the authenticity and empowerment of all contributors.
Commenting on his company’s role in the decentralised AI market, Hyperbolic co-founder and CEO Jasper Zhang told The Block: “The ultimate goal of Hyperbolic is not to get bogged down in the minutiae of optimising AI service performance to compete with web2 companies. Instead, we aim to build an open AI ecosystem and economy that everyone can contribute to and benefit from.”
Hyperbolic claims that AI companies are spending as much as 80% of their capital computing power, which they rent from cloud service providers like Amazon Web Services, Google Cloud, and Microsoft Azure.
The challenge is the huge cost involved because of the shortage of GPU capacity and distribution bottlenecks.
Hyperbolic’s globally distributed network of GPU resources taps the aggregated compute power of millions of idle GPUs from around the world including GPU power from personal computers that are idle most of the day, as well as, from data centres.
Commenting on his firm’s leading role in the seed round, Polychain Capital founder and CEO Olaf Carlson-Wee said what Hyperbolic provides is an alternative to the “abuse of power” by a select few providers, Silicon Angle reported.
“Without this transparency, auditing profit-focused tech giants becomes exceedingly difficult,” Carlson-Wee said. “Hyperbolic envisions a future where distributed compute makes services like inference cheaper, enabling researchers and developers globally to experiment at larger scales.”
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The post Polychain and Lightspeed Co-Lead $7M Seed Round for Web3 AI Startup Hyperbolic appeared first on NFTgators .