Quick take:
- Exabits is building a decentralised computing network that enables direct access to GPU compute assets.
- The company has created a liquid marketplace that generates revenue and rewards token holders.
- Lee claims Exabits has been growing its revenue by approximately 300% every quarter over the past year, bringing its annual recurring total to $10 million.
Exabits, a decentralised computing services provider leveraging blockchain technology to offer open access to GPU compute assets has raised $15 million in a funding round led by Hack VC.
The fundraising also attracted participation from several undisclosed investors, co-founder Dr. Hoansoo Lee told The Block. Lee also added that the round brings the total raised to $20 million, valuing the crypto AI startup at $150 million.
This is not Hack VC’s first investment in Web3 AI. In May, the firm led a $6.2 million seed round for ChainML, a crypto AI startup that is building a decentralised network for training AI agents.
In February, the venture capital firm launched a $150 million first fund focused on backing early-stage Web3 and AI startups.
Exabits seed round comes at a time when the company has experienced tremendous top-line growth. According to Lee, the company has seen its revenue grow by 300% every quarter over the past year, contributing to a recurring total of $10 million.
Exabits offers a network of decentralised GPU power, which Lee calls “the currency of the digital age”, adding that the GPU compute industry is outperforming traditional assets like bitcoin and gold, and that there is still room for growth.
“AI’s impact on the world is only scratching the surface, and we are excited to be at the forefront of this evolution, driving growth and market traction through the development of our advanced infrastructure and unique GPU tokenization model,” Lee said.
According to Lee, his company’s decentralised computing network enables direct access to GPU assets, thus generating revenue and rewarding token holders.
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