According to Foresight News, open AI cloud service provider Hyperbolic has successfully raised $7 million in a seed funding round. The round was led by Polychain Capital and Lightspeed Faction, with participation from Chapter One, LongHash, Bankless Ventures, Republic Digital, Nomad Capital, CoinSummer Labs, and Third Earth Capital. The newly acquired funds will be directed towards the development of Hyperbolic's open AI cloud platform. This includes hiring key engineers and creating a supportive ecosystem for developers.