🌎 Web3 Startups Hyperbolic and Mintify Raise Over $10M in Funding

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. The startup plans to develop an open-access AI cloud platform that aggregates GPU power and helps reduce computing costs for AI-based startups. They leverage blockchain technology to ensure security and transparency in their services.

The funding round was led by Polychain Capital and Lightspeed Faction. Other participants included LongHash, Bankless Ventures, Republic Digital, Chapter One, Nomad Capital, CoinSummer Labs, and Third Earth Capital. Angel investors such as former Coinbase CTO Balaji Srinivasan, Polygon co-founder Sandeep Nailwal, and Illia Polosukhin, co-founder of Near Protocol, also contributed.

Hyperbolic will use the fresh funds to develop its first product, an AI inference service, and establish an ecosystem for developers while expanding its team with new hires.

Mintify Raises $3.4 Million

Mintify, an NFT startup focused on improving non-fungible token trading infrastructure, raised $3.4 million in a funding round led by ARCA, Cumberland, Psalion, Master Ventures, Zeneca, GM Capital, and Spencer VC. Over 50 angel investors also participated.

This funding follows a $1.6 million seed round in 2022, raising the firm’s total funds to $5 million. According to CEO Evans Varsamis, Mintify is designed for both professional traders and newcomers. The platform supports Ethereum and its layer-2 networks, Base and Blast, and claims to have over 140,000 active wallets. Mintify plans to expand to support Bitcoin’s Ordinals and other blockchain networks and aims to launch its token in 2024.

Other Funding Rounds in July

In addition to these projects, notable funding rounds last week included mining giant Riot acquiring its competitor Block Mining for $92.5 million and web3 gaming startup NPC Labs raising $18 million. Prior to that, blockchain-based data platform Allium raised $16.5 million in a series A funding round.