CrunchDAO core contributor Crunch Lab has completed a $3.5 million seed round financing, led by Multicoin Capital

2024-08-15 23:09:08

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ChainCatcher news, according to The Block, Crunch Lab has completed a $3.5 million seed round financing led by the crypto investment firm Multicoin Capital. This financing was also supported by Factor Capital, Fabric VC, and Elixir Capital, bringing the total funding for the startup to $5.3 million.

Crunch Lab is a core contributor to CrunchDAO, a platform that provides AI researchers with the opportunity to participate in distributed machine learning competitions. Participants can not only receive other rewards but also earn CRNCH tokens through the competitions, which grant holders governance rights and other privileges within CrunchDAO.

Jean Herelle, founder and CEO of Crunch Lab, stated that the company has entered the prototype development stage and is collaborating with two financial institutions to provide real-time data streams, which is expected to bring an additional $2 million in annual recurring revenue (ARR) to Crunch Lab this year.

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