Variant and Polychain Capital lead $12 million Series A for web3 AI firm Hyperbolic

The web3 AI cloud firm Hyperbolic raised $12 million in Series A funding led by venture firms Variant and Polychain Capital, bringing Hyperbolic's total funding to $20 million.

Other participants in the round included Chapter One, Lightspeed Faction, IOSG, Vertex, GSR, Wintermute Ventures, Blockchain Builders Fund, Alumni Ventures and Ambush, according to a release sent to The Block.

Hyperbolic aggregates a decentralized network of GPU power, leveraging blockchain to ensure authenticity and security, to provide open access to AI infrastructure and services. The firm intends to use the funds to bolster its engineering and other multidisciplinary teams, in addition to developing and eventually launching its own blockchain, among other uses.

"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," said Hyperbolic Co-Founder and CEO Jasper Zhang in a statement sent to The Block.

Hyperbolic raised $7 million in seed funding led by Polychain Capital and Lightspeed Faction in June, in addition to $725,000 in pre-seed funding.