According to PANews, crypto investment firm Multicoin Capital led Crunch Lab’s $3.5 million seed round. Factor Capital, Fabric VC, and Elixir Capital also participated in the financing, bringing Crunch Lab’s total financing to $5.3 million.

Crunch Lab is a core contributor to CrunchDAO, a platform that provides distributed machine learning competitions for AI researchers. Participants can earn CRNCH tokens through the competition and enjoy benefits such as governance rights.

Crunch Lab founder and CEO Jean Herelle revealed that the company has entered the prototype testing phase with two financial institutions and is expected to bring Crunch Lab $2 million in annual recurring revenue (ARR) this year.