Hyperbolic and Mintify raise over $10m in latest web3 VC deals

So far this week, two web3 startups have raised over $10 million in venture capital funding combined.

Hyperbolic raises $7 million

Blockchain-based artificial intelligence project Hyperbolic has raised $7 million in a seed funding round for the project. It was reported at X yesterday.

We are excited to announce that we have raised $7M in funding to become the leading Open Access AI Cloud 🤘🏼🌪️

At Hyperbolic, we are building an open AI ecosystem and economy where everyone who contributes is rewarded. Our goal is not to optimize AI performance to compete with traditional Web2… picture.twitter.com/pXTvmK98yO

— Hyperbolic (@hyperbolic_labs) July 30, 2024

The startup plans to develop an open-access AI cloud platform that combines GPU power and helps reduce computational costs for AI-based initiatives. The company 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.

In addition to angel investors, former Coinbase CTO Balaji Srinivasan, Polygon co-founder Sandeep Nailwal, and Near Protocol co-founder Illia Polosukhin also participated in the investment round.

In addition to using the fresh funding to develop its first product, an AI inference service, the startup will also allocate resources to building 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 trading of non-fungible tokens. 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 more than 50 angel investors.

The latest funding follows a $1.6 million seed round in 2022 led by ARCA, GSR, Psalion, Fasanara, and Alchemy Ventures. This brings the total funding raised by the firm to $5 million.

According to the project’s CEO, Evans Varsamis, Mintify is designed for both “professional investors” and “those who want to join the scene.”

Mintify supports Ethereum (ETH) and its layer 2 networks Base and Blast. The project claims to have over 140,000 active wallets. It also plans to expand to support Bitcoin’s Ordinals and other blockchain networks, with a planned token launch in 2024.

The statement did not provide information on what the money would be used for.

Other funding rounds in July

In addition to these projects, notable investment rounds reported last week included mining giant Riot buying rival Block Mining for $92.5 million and web3 gaming startup NPC Labs raising $18 million.

Previously, blockchain-based data platform Allium raised $16.5 million in a Series A funding round.