Hyperbolic and Mintify raise over $10M in latest Web3 venture capital deal

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

Hyperbolic raises $7 million

Hyperbolic, a blockchain-based artificial intelligence project, has raised $7 million in a seed funding round, as the project twitter.com/hyperbolic_labs/status/1818269892367495655?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1818269892367495655%7Ctwgr%5Eb1a27ffa24b4510a2adceb3c5c5be0152d8325a0%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcrypto.news%2Fwp%2Fwp-admin%2Fpost.php%3Fpost%3D14288517action%3Dedit” target=”_blank” rel=””>reported on day x yesterday.

<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter“>

The startup plans to develop an open-access ai cloud platform that pools GPU power and helps reduce computing costs for ai-based startups. The firm uses blockchain technology to keep its services secure and transparent.

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.

The investment round also saw participation from angel investors including former Coinbase CTO Balaji Srinivasan, Polygon co-founder Sandeep Nailwal, and Near Protocol co-founder Illia Polosukhin.

In addition to using the new funding to develop its first product, an ai inference service, the startup will also allocate resources to establish a developer ecosystem and strengthen its team with new hires.

Mintify raises $3.4 million

Mintify is an nft startup that is developing an infrastructure to improve the trading of non-fungible tokens. As the project announced yesterday, raised $3.4 million in a funding round led by ARCA, Cumberland, Psalion, Master Ventures, Zeneca, GM Capital and Spencer VC. Participants included more than 50 angel investors.

The recent funding comes after a $1.6 million seed funding round in 2022, led by ARCA, GSR, Psalion, Fasanara, and Alchemy Ventures. This brings the total funds raised by the company to $5 million.

According to Evans Varsamis, CEO of the project, Mintify is designed for both “professional traders” 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 Ordinals and other blockchain networks and launch its token in 2024.

The announcement did not disclose what the funds would be used for.

Other rounds of financing in July

In addition to these projects, notable funding rounds reported last week included mining giant Riot, which took over competitor Block Mining for $92.5 million, and web3 gaming startup NPC Labs, which raised $18 million.

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