Compute Labs, the developer of a Solana-based GPU tokenization protocol, has raised $3 million in a pre-seed funding round.
Compute Labs, the developer of a Solana -based GPU tokenization protocol, has raised $3 million in a pre-seed funding round. Protocol Labs, the company behind the decentralized file storage network Filecoin, led the funding round, Compute Labs said Wednesday.
Other investors included Blockchain Coinvestors, OKX Ventures, CMS Holdings, HashKey Capital, Amber Group and P2 Ventures . Angel investors, including Sandeep Nailwal of Polygon, Illia Polosukhin of NEAR Protocol and Austin Federa of Solana Foundation, also joined the round. Compute Labs began raising funds for the pre-seed round in March when it was founded and closed the round in April, founder and CEO Albert Z told The Block. The round was structured as a simple agreement for future tokens , Z said, adding that it brought Compute Labs' fully diluted token valuation to $30 million. Compute Labs is currently also raising a seed round at a "significantly higher" valuation, Z said, adding that the pre-seed round was oversubscribed by two times the amount raised.Compute Labs is building a real-world asset tokenization protocol focused on compute as its underlying asset. Compute refers to the processing power of CPUs and GPUs, essential for tasks such as data processing and running software. Z said compute is one of the most valuable commodities today, especially in the era of artificial intelligence, calling it "the currency of the future." He said most regular investors today can't invest in enterprise-grade GPUs, adding that Compute Labs will make it "possible for everyone to invest in compute." By tokenizing compute, the protocol will let users purchase high-performance GPUs such as the NVIDIA H100 via its GPU-NFTs , Z said. GNFT is an SPL22 token — a hybrid token on Solana that can be both non-fungible and fungible at the same time, Z said. GNFT holders will have ownership and yielding rights to that GPU, Z added. A pre-sale of GNFTs is expected to go live this month and will last for a few weeks, Z said. After the pre-sale, a public sale will also launch, he added.The Compute protocol is currently live on the Solana testnet and will launch on the Solana mainnet this month. The protocol's native token will also launch in the third or fourth quarter of this year, Z said. While the protocol is initially launching on Solana, Z said it will expand to other blockchains in the future, including NEAR and Monad. Compute Labs, based in Los Angeles and Seattle, currently employs five people, and Z is looking to hire more people across functions, including engineering, marketing and operations. Compute Labs claims to be incubated by NVIDIA Inception VC Alliance, a program by NVIDIA designed to support and accelerate startups leveraging AI, data science and high-performance computing. NVIDIA Inception VC Alliance helps Compute Labs with cost savings and discounted GPU supply, go-to-market support and direct conversations with NVIDIA business units and original equipment manufacturers, Z said. The Block reached out to NVIDIA Inception VC Alliance for comment but did not hear back by the time of publication. Stay updated on the latest crypto funding news and trends with my bimonthly newsletter, The Funding. It's free. Sign up here!Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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