Io.net, the DePIN project on the Solana blockchain, has raised $30 million in Series A funding, reaching a valuation of $1 billion in tokens.
The project aims to build the world’s largest decentralized GPU network and solve the AI computing shortage.
Io.net: DePIN Project on Solana Blockchain and $30 Million Series A Financing
Io.netthe DePIN project on Solana Blockchain, announced that it has raised $30 million in latest Series A funding round.
“BREAKING: http://io.net raised $30 million to build the world’s largest decentralized GPU network and solve the AI computing shortage.
The Series A round was led by Hack VC with participation from 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.
Also joining the funding round are notable industry leaders, including Solana founder Anatoly Yakovenk, Aptos founders Mo Shaikh and Avery Ching, Yat Siu of Animoca Brands, Sebastien Borget of The Sandbox and Jin Kang of Perlone Capital. ”
This funding round, which reaches a valuation of $1 billion in tokens, was led by Hack VC with the participation of Multicoin Capital and many others.
Not only that, important industry leaders have also joined in supporting the project. Among the many there are the founder of Solana, Anatoly Yakovenk, Mo Shaikh e Avery Ching in Aptos, Yat Siu of Animoca Brands, Sebastien Borget by The Sandbox and Jin Kang of Perlone Capital.
The generic goal of io.net’s DePIN (Decentralized Physical Infrastructure) project 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 GPU computing power provisioning.
Practically, io.net aggregates GPU resources for artificial intelligence (AI) and machine learning (ML) companies at lower costs and with faster turnaround times.
The project launched last November and claims to have reached over 25,000 GPUs and processed over 40,000 hours of compute for AI and ML companies.
Through the Solana blockchainio.net provides a transparent proof of calculation and makes every job and transaction between supplier 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 vendors, customers and users to participate and grow the network.
The new financing will be used for the project to grow the current team of approximately 50-100 people by the end of the yearso as to meet customer demand and continue to build the network.
Coca Cola HBC also chose ALL.ART on Solana Blockchain
Apparently the projects on Solana blockchain are growing, making themselves noticed in the market.
Recently, too Coca Cola HBC, the bottling branch of the soft drink giant has chosen a project on Solana blockchain called ALL.ART, for verifying employees’ internal training certificates.
Practically, employees who obtain qualifications of the training program Coca-Cola Digital Academy, will receive the new NFTs on Solana.
This means that, through ALL-ART, Coca Cola HBC stores qualifications on the blockchainguaranteeing their authenticity and immutability, and thus combating any manipulation, falsification or alteration of data.
Source: https://cryptonomist.ch/2024/03/06/progetto-depin-blockchain-solana-finanziamenti/
