CrunchDAO core contributor Crunch Lab completes a $3.50 million seed round financing, led by Multicoin Capital.

According to The Block, on August 15, Crunch Lab completed a $3.50 million seed round of financing led by the crypto investment company Multicoin Capital. This funding round also received support from Factor Capital, Fabric VC, and Elixir Capital, bringing the total funding of the startup to $5.30 million.

Crunch Lab is a core contributor to CrunchDAO, a platform that provides AI researchers with opportunities to participate in distributed machine learning competitions. Participants can not only receive other rewards but also win CRNCH tokens through competitions, giving holders governance rights and other privileges of CrunchDAO.

The founder and CEO of Crunch Lab, Jean Herelle, stated that the company has entered the prototype development stage and is collaborating with two financial institutions to provide real-time data streams. This move is expected to bring an additional annual recurring revenue (ARR) of $2 million to Crunch Lab this year.