Two web3 startups have successfully secured substantial funding this week. Hyperbolic, a blockchain-based artificial intelligence project, raised $7 million in a seed funding round. The startup aims to develop an open-access AI cloud platform that leverages GPU power to reduce computing costs for AI-based startups. Utilizing blockchain technology, Hyperbolic ensures the security and transparency of its services. The funding was led by Polychain Capital and Lightspeed Faction, with notable participation from LongHash, Bankless Ventures, and other prominent investors and angel investors like Balaji Srinivasan and Sandeep Nailwal.
Mintify, an NFT startup, raised $3.4 million in a funding round led by ARCA, Cumberland, Psalion, and other investors. The recent funding, combined with a previous seed round, brings Mintify's total funds raised to $5 million. Mintify focuses on improving non-fungible token trading and supports Ethereum and its layer-2 networks. With plans to expand to support Bitcoin and other blockchain networks, Mintify aims to launch its token in 2024.
July also witnessed significant funding rounds, including Riot Platforms acquiring Block Mining for $92.5 million and NPC Labs raising $18 million. Additionally, Allium, a blockchain-based data platform, secured $16.5 million in a successful series A funding round.
