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The fundraising also attracted participation from Chapter One, Lightspeed Faction, IOSG, Vertex, GSR, Wintermute Ventures and Blockchain Builders Fund.
Hyperbolic said the fundraising brings the total raised to $20 million.
The company offers Web3 AI infrastructure and services powered by a decentralised network of GPU power.
Web3 AI platform Hyperbolic has announced a $12 million funding round led by Variant and Polychain Capital. The Fundraising also attracted participation from Chapter One, Lightspeed Faction, IOSG, Vertex, GSR, Wintermute Ventures, Blockchain Builders Fund, Alumni Ventures and Ambush, The Block reported.
The company leverages blockchain technology and decentralised GPU power to offer an open-access platform for Web3 AI infrastructure and services.
According to the announcement, the fresh capital brings the total raised to $20 million following a $7 million seed round raised in June, which Polychain and Lightspeed Faction. The company said it will use the fund to expand its team of engineers and other departments while building its own blockchain.
Hyperbolic also announced the launch of its cloud-hosted GPU marketplace.
Described as an “AI Rainforest” the company is developing a platform that provides AI builders with all the tools and accessories required to design, build, train and deploy their AI applications.
The company compares its AI Rainforest of an interconnected ecosystem of compute, AI services and governance to the dynamic nature of rainforests, which helps sustain biodiversity through intricate networks of interdependence, Silicon Angle reported.
Commenting on the fundraising, Hyperbolic Co-Founder and CEO Jasper Zhang in a statement told The Block: “At Hyperbolic, we are building an AI Rainforest, where builders find the essential resources to innovate, collaborate and thrive. Like a natural rainforest, our ecosystem is interconnected, vibrant and regenerative, empowering creators to explore without limits.”
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The post Web3 AI Firm Hyperbolic Secures $12M Series A Round Co-Led by Variant and Polychain Capital appeared first on NFTgators .
