Io.net, the DePIN project on the Solana blockchain, has raised $30 million in Series A funding, reaching a token valuation of 1 billion dollars.
The project aims to build the world’s largest decentralized GPU network and solve the AI computing shortage.
Summary
Io.net: the DePIN project on Solana Blockchain and the $30 million Series A funding
Io.net, the DePIN project on Solana Blockchain, announced that it has raised 30 million dollars in its latest Series A funding round.
“BREAKING: http://io.net has raised 30 million dollars to build the world’s largest decentralized GPU network and solve the AI computing shortage.
The Serie A round was led by Hack VC with the participation of Multicoin Capital, 6th Man Ventures, M13, Delphi Digital, Solana Labs, Aptos Labs, Foresight, Amber, Longhash, SevenX, ArkStream, Animoca Brands, Continue Capital, MH Ventures, Sandbox Games.
Important industry leaders have also joined the funding round, including Solana founder Anatoly Yakovenk, Aptos founders Mo Shaikh and Avery Ching, Animoca Brands’ Yat Siu, The Sandbox’s Sebastien Borget, and Perlone Capital’s Jin Kang.
This round of funding, which reached a valuation of 1 billion dollars in tokens, was led by Hack VC with the participation of Multicoin Capital and many others.
Not only that, but also important industry leaders have joined to support the project. Among the many there are the founder of Solana, Anatoly Yakovenk, Mo Shaikh and Avery Ching of Aptos, Yat Siu of Animoca Brands, Sebastien Borget of The Sandbox and Jin Kang of Perlone Capital.
The general objective of the DePIN project (Decentralized Physical Infrastructure) by io.net seems to be to build the world’s largest decentralized GPU network and solve the AI computing shortage.
Io.net: What is the DePIN project on Solana blockchain about and how will the funds be used?
Io.net is a DePIN project based on Solana blockchain, focused on the provisioning of GPU computing power.
Basically, io.net aggregates GPU resources for artificial intelligence (AI) and Machine Learning (ML) companies at lower costs and with faster delivery times.
The project was launched last November and claims to have reached over 25,000 GPUs and processed over 40,000 hours of computation for AI and ML companies.
Through the Solana blockchain, io.net provides a transparent proof of computation and makes every work and transaction between provider and consumer visible on the chain.
Not only that, the project includes the launch of its native token IO on April 28, 2024. IO provides a unified transaction experience for users and enables incentive mechanisms for providers, customers, and users to participate and grow the network.
The new funding will be used for the project to grow the current team of about 50-100 people by the end of the year, in order to meet customer demand and continue building the network.
Coca Cola HBC has also chosen ALL.ART on Solana Blockchain
It seems that projects on the Solana blockchain are growing, making a mark in the market.
Recently, even Coca Cola HBC, the bottling branch of the beverage giant, has chosen a project on Solana blockchain called ALL.ART, for the verification of internal training certificates of employees.
Basically, employees who obtain the qualifications of the Coca-Cola Digital Academy training program will receive the new NFTs on Solana.
This means that, through ALL-ART, Coca Cola HBC stores qualifications on the blockchain, ensuring their authenticity and immutability, and thus combating any potential manipulations, counterfeits or alterations of data.
