Web3 AI cloud firm Hyperbolic has secured $12 million in Series A funding, led by Variant and Polychain Capital, increasing its total funding to $20 million. Other investors include Chapter One, Lightspeed Faction, IOSG, Vertex, GSR, Wintermute Ventures, Blockchain Builders Fund, Alumni Ventures, and Ambush. Hyperbolic utilizes a decentralized network of GPU power, leveraging blockchain for authenticity and security, to offer open access to AI infrastructure and services. The funds will be used to enhance engineering and multidisciplinary teams and to develop its own blockchain. Previously, Hyperbolic raised $7 million in seed funding and $725,000 in pre-seed funding.

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.

Variant and Polychain Capital led a $12 million Series A funding round for the Web3 AI company Hyperbolic.