The post Hyperbolic and Mintify raise over $10m in latest web3 VC deals appeared on BitcoinEthereumNews.com.

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 Labs and Third Earth Capital. The investment round also saw participation from angel investors, such as former Coinbase CTO Balaji Srinivasan, Polygon co-founder Sandeep Nailwal, and Illia Polosukhin, co-founder of Near Protocol.  Besides using the fresh funds to develop its first product, an AI inference service, the startup will also allocate resources towards establishing an ecosystem for developers and strengthening its team with new hires. Mintify raises $3.4 million Mintify is an NFT startup developing an infrastructure to improve non-fungible token trading. As the project announced yesterday, it raised $3.4 million in a funding round led by ARCA, Cumberland, Psalion, Master Ventures, Zeneca, GM Capital, and Spencer VC. Additional participants included over 50 angel investors.  The recent funding follows a $1.6 million seed round in 2022 led by ARCA, GSR, Psalion, Fasanara and Alchemy Ventures. This raises the firm’s total funds raised to $5…

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Filed under: News - @ August 1, 2024 4:18 pm