Hyperbolic and Mintify Raise Over $10m in Latest Web3 VC Deals

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So far this week, two web3 startups have collectively raised over $10 million in venture capital funding.

Hyperbolic raises $7 million

Hyperbolic, a blockchain-based artificial intelligence project, raised $7 million in a seed funding round, as the project reported on X yesterday.

We are thrilled to announce a $7M raise to become the leading Open-Access AI Cloud 🤘🏼🌪️At Hyperbolic, we’re building an open AI ecosystem and economy where everyone who contributes is rewarded. Our goal is not to merely optimize AI performance to compete with traditional Web2… pic.twitter.com/pXTvmK98yO

— Hyperbolic (@hyperbolic_labs) July 30, 2024

The startup plans to develop an open-access AI cloud platform that aggregates GPU power and helps reduce computing costs for AI-based startups. The firm uses blockchain technology to maintain the security and transparency of its services. 

The funding round was led by Polychain Capital and Lightspeed Faction. Other notable participants included LongHash, Bankless Ventures, Republic Digital, Chapter One, Nomad Capital, CoinSummer

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Labs and Third Earth Capital.