Tuesday, July 23, 2024
HomeAI News & UpdatesAI-Blockchain Startup IO Research Raises $30M in Series A

AI-Blockchain Startup IO Research Raises $30M in Series A

The blockchain firm IO Research, which focuses on artificial intelligence (AI), announced on Tuesday that it has raised thirty million dollars in a Series A fundraising round from investors that include OKX, Hack VC, and Solana Labs.

The primary offering from IO Research is io.net. It is a network powered by blockchain technology that enables consumers to donate their surplus GPU capability to resource-hungry artificial intelligence businesses.

The investment news indicates increased investment in blockchain and digital currency technology and investors’ interest in AI-driven solutions.

The stock prices of businesses connected to AI technology, such as Super Micro Computer and Nvidia, have surged in the past few weeks.

Investor interest in the bitcoin market has somewhat returned in the interim. Increases in the most valuable cryptocurrency, bitcoin, have helped to drive its market value to above $2.65 trillion, the highest level since late 2021.

AI-related cryptocurrency tokens feature in the CoinDesk Indices Computation Index, which increased 44% in 2024.

CoinDesk Computing Index (CPU) - CoinDesk Indices

The amount of computing power required to run the upcoming generations of artificial intelligence programs still needs to be significantly underestimated by industry analysts, according to Shayon Sengupta, investing associate at Multicoin Capital, who took part in IO’s funding round.

Shayon Sengupta's Investing Profile - Multicoin Capital Associate | Signal

Asset management VanEck predicted in February that in 2030, the combined earnings from cryptocurrency and AI initiatives will rise to $10.2 billion.

The funding round also suggests that venture capitalists focusing on cryptocurrencies may see new growth as investors bounce back from the consequences of the collapse of FTX, a significant cryptocurrency exchange, and the subsequent failure of numerous well-known funds.

According to IO Research, the funding will support hiring more employees, meeting service requests, and developing io.net.

After the Series A round, the company remained silent about its most recent valuation.

 

Editorial Staff
Editorial Staff
Editorial Staff at AI Surge is a dedicated team of experts led by Paul Robins, boasting a combined experience of over 7 years in Computer Science, AI, emerging technologies, and online publishing. Our commitment is to bring you authoritative insights into the forefront of artificial intelligence.
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