Crunch Lab Raises $3.5 Million in Seed Round with Multicoin Capital
Crunch Lab has successfully completed a $3.5 million seed funding round, spearheaded by Multicoin Capital, a leading firm in the cryptocurrency investment sector. This funding round also saw participation from Factor Capital, Fabric VC, and Elixir Capital, pushing the startup's total funding to an impressive $5.3 million.
Crunch Lab plays a pivotal role in CrunchDAO, a platform designed for AI researchers who engage in distributed machine learning competitions. Participants in these competitions can earn CRNCH tokens, which not only provide governance rights but also various other incentives.
According to Jean Herelle, the founder and CEO of Crunch Lab, the startup is entering the prototyping phase with two major financial institutions, promising live data feeds. This collaboration has the potential to generate an additional $2 million ARR for the company this year.
Previously, Crunch Lab rounded off a successful pre-seed funding phase in 2021, garnering support from angel investors well-versed in quantitative finance and technology.
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