December 10, 2024
Exabits, a startup at the intersection of cryptocurrency and artificial intelligence, has closed a $15 million seed funding round. The raise, led by Hack VC, values the company at $150 million. Fundraising efforts began in July and concluded in October, according to co-founder Dr. Hoansoo Lee. While details about additional participants were not disclosed, Lee confirmed plans to launch a token in the future.
The funding marks a milestone for Exabits, bringing its total raised to $20 million. Previous funding included a pre-seed round and a strategic investment led by Portal Ventures, which collectively amounted to approximately $5 million. Exabits is developing a platform that tokenizes GPUs to decentralize computing power, creating a liquid market for GPU compute assets. The company reports substantial growth, with annual recurring revenue (ARR) reaching $10 million and quarterly revenue increasing by 300% over the past year.
The crypto-AI space is witnessing heightened activity, with Exabits competing against emerging players like Compute Labs and GAIB, which recently secured $3 million and $5 million, respectively. Additionally, Hyperbolic, another company in this sector, raised $12 million earlier today in a strategic round led by Variant and Polychain Capital. Despite the growing momentum, some investors have expressed caution, citing concerns about sustainability and the value propositions of similar ventures.
About Exabits
Exabits specializes in GPU tokenization, aiming to decentralize computing infrastructure. The platform enables direct engagement with GPU compute assets, generating revenue while offering liquidity and rewards to token holders. The company focuses on driving innovation in digital computing markets.
Website: https://www.exabits.ai/
X: @exa_bits
About Investor
Hack VC
Hack VC is a venture capital firm that focuses on early-stage investments in blockchain and AI companies. The firm invests in startups working on blockchain and AI technologies, aiming to contribute to advancements in these sectors.
Location: San Francisco, California
Website: https://www.hack.vc/
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.
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