August 16, 2024
Crunch Lab secured $3.5 million in seed funding, with Multicoin Capital, a crypto-focused investment firm, leading the round. The funding also saw participation from Factor Capital, Fabric VC, and Elixir Capital, bringing the total raised by the startup to $5.3 million.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Crunch Labs | $3.5M | August 16, 2024 | Seed Round | $5.3M | Multicoin Capital | AI |
Crunch Lab is the main contributor to CrunchDAO, a platform that allows AI researchers to engage in distributed machine learning competitions. Participants can earn CRNCH tokens, which provide governance rights and other benefits within CrunchDAO.
Crunch Lab has begun prototyping with two financial institutions to deliver live data feeds, according to founder and CEO Jean Herelle. This partnership is anticipated to generate an additional $2 million in annual recurring revenue (ARR) for the company this year.
About Crunch DAO
CrunchDAO is a platform that connects data scientists and quantitative researchers with financial institutions and hedge funds. By leveraging collective intelligence and Web3 technology, CrunchDAO enables participants to develop and share machine learning models through a meritocratic, reward-driven tournament system. This approach allows researchers to maintain control over their models while contributing to predictive financial insights. The platform aims to solve complex problems and create new revenue streams for its users.
Website: http://www.crunchdao.com/
About Investor
Investor: Multicoin Capital
Multicoin Capital is a thesis-driven investment firm that specializes in cryptocurrencies, tokens, and blockchain companies that are reshaping trillion-dollar markets. The firm manages a hedge fund and several venture funds, investing across both public and private markets.
Founded in May 2017, Multicoin Capital has developed a reputation for being forward-leaning, independent thinkers2. They are known for pioneering token economic models, valuation methodologies, and challenging long-standing assumptions that the crypto ecosystem takes for granted.
As a crypto-native fund, they actively engage and participate in the networks they invest in. They are intimately familiar with the crypto technology landscape and market structure. They are hands-on investors and will do everything in their power to maximize the success of their portfolio companies.
Location: Austin, TX
Website: https://multicoin.capital/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comentários