Investors foresee significant revenue growth in AI and crypto, with the funds supporting IO Research’s expansion and product development.
IO Research, a blockchain company specializing in artificial intelligence (AI), announced on Tuesday that it has raised $30 million in a Series A funding round from Multicoin Capital, Delphi Digital, Solana Labs, Aptos Labs, OKX, and other prominent investors, led by Hack VC.
The principal offering of IO Research is io.net, the largest decentralized network for GPU computing and a blockchain-based network. This technology allows individuals to donate their unused GPU capacity to artificial intelligence enterprises that require substantial resources.
Investor interest in AI-driven technologies and a resurgence in interest in cryptocurrencies and blockchain technology are both suggested by the funding disclosure.
The stock prices of companies involved in artificial intelligence infrastructure, such as Nvidia (NVDA.O) and Super Micro Computer (SMCI.O), have increased significantly over the past few weeks.
Venture Capital Interest Rekindled in IO Research’s Series A Funding
Subsequently, investor interest in the cryptocurrency market has increased. Bitcoin’s price appreciation has contributed to the total market capitalization surpassing $2.65 trillion, the most significant level since late 2021.
Comprised of AI-related cryptocurrency tokens, theIndices Computing Index has witnessed a 44% increase since 2024.
An investment associate at Multicoin Capital, which participated in IO’s funding round, Shayon Sengupta, stated:
“Industry analysts are still radically underestimating how much compute power will be needed to fuel the next generation of AI (applications).”
In February, VanEck predicted that the aggregate revenue generated by AI and cryptocurrency initiatives would reach $10.2 billion by 2030.
Additionally, the funding round implies that venture capitalists specializing in cryptocurrencies might experience renewed expansion as investors recover from the repercussions of FTX, a prominent cryptocurrency exchange, and the concurrent insolvency of many renowned funds.
The funds will support employing additional personnel, meeting service demand, and developing io.net, per IO Research. After concluding the Series A round, the company refrained from disclosing its most recent valuation.