Jul 3, 2024
According to the BLOCK , Compute Labs, a pioneering developer of GPU tokenization protocols on the Solana blockchain, has successfully secured $3 million in a pre-seed funding round. The round, which closed in April, was spearheaded by Protocol Labs, the creators behind Filecoin, and saw participation from a host of notable investors and industry leaders.
Key Investors and Angel Backers
The funding round was a collaborative effort, with contributions from prominent entities such as Blockchain Coinvestors, OKX Ventures, CMS Holdings, HashKey Capital, Amber Group, and P2 Ventures (previously known as Polygon Ventures). In addition, angel investors including Sandeep Nailwal from Polygon, Illia Polosukhin of NEAR Protocol, and Austin Federa from the Solana Foundation, added their support.
Albert Z, founder and CEO of Compute Labs, shared that the pre-seed round exceeded expectations, being oversubscribed by twice the target amount. This success has positioned Compute Labs at a fully diluted token valuation of $30 million and set the stage for an ongoing seed round, which Z notes is attracting interest at a "significantly higher" valuation.
What is Compute Labs?
Compute Labs is on a mission to democratize access to high-performance computing power. The company is developing a tokenization protocol for real-world assets (RWAs) with a focus on compute power, leveraging GPUs and CPUs. Albert Z emphasizes the crucial role of compute in the digital age, describing it as "the currency of the future," especially with the rise of artificial intelligence (AI).
The current market restricts average investors from accessing enterprise-grade GPUs. Compute Labs aims to change that by allowing anyone to invest in compute power through its innovative protocol. The protocol will enable the purchase of high-performance GPUs, such as the NVIDIA H100, using GPU-NFTs (GNFTs). These GNFTs are unique tokens on Solana (SPL22) that combine fungible and non-fungible properties, providing both ownership and yield rights to the underlying GPU.
Upcoming Launches and Expansion Plans
Compute Labs is preparing for a significant milestone with the upcoming pre-sale of GNFTs scheduled for this month. This pre-sale will be followed by a public sale, opening up the market for broader participation.
The protocol itself is currently operational on the Solana testnet, with plans to go live on the Solana mainnet this month. Looking ahead, Compute Labs intends to launch its native token in the third or fourth quarter of the year. Beyond Solana, the company envisions expanding its protocol to other blockchains, including NEAR and Monad.
Building the Future of Compute
Based in Los Angeles and Seattle, Compute Labs is a compact team of five, with plans to grow. The company is actively seeking new hires in engineering, marketing, and operations to support its ambitious growth and development goals.
Compute Labs also boasts support from NVIDIA through the NVIDIA Inception VC Alliance. This program offers Compute Labs various benefits, including cost savings, discounted GPU supplies, and direct engagement with NVIDIA’s business units and original equipment manufacturers. This partnership not only accelerates Compute Labs' go-to-market strategy but also aligns with NVIDIA's vision of fostering innovation in AI and high-performance computing.
With this strong foundation and visionary approach, Compute Labs is poised to make high-performance compute power accessible to all, potentially transforming how individuals and businesses leverage technology in the era of AI.
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