Exabits, a company specialising in decentralised computing services, has recently raised $15 million in a funding round led by Hack VC, a move that underlines the increasing interest and investment in Web3 AI technologies. The company's services leverage blockchain technology to provide open access to GPU compute assets, a growing sector that is becoming recognised for its potential in the digital economy.

Dr. Hoansoo Lee, co-founder of Exabits, announced that the funding round has brought the company’s total funding raised to $20 million. This latest round has significantly bolstered its valuation to $150 million, indicative of the high expectations investors hold for the crypto AI startup.

In an interview, Dr. Lee revealed that Exabits has been experiencing considerable growth, with revenues increasing by approximately 300% each quarter over the past year. The company's annual recurring revenue now totals $10 million. This explosive growth coincides with a booming interest in the use of GPUs in various applications, including artificial intelligence and machine learning.

The company operates a liquid marketplace that not only facilitates direct access to GPU computing assets but also generates revenue and rewards for token holders. Dr. Lee described the GPU compute industry as "the currency of the digital age,” pointing out that it outperforms traditional assets such as bitcoin and gold. He noted that the potential for further growth within this industry remains substantial.

Commenting on the future of AI, Dr. Lee expressed optimism about the ongoing developments in the field, stating, “AI’s impact on the world is only scratching the surface, and we are excited to be at the forefront of this evolution, driving growth and market traction through the development of our advanced infrastructure and unique GPU tokenization model.”

Hack VC’s involvement in this funding round is not a singular event; it reflects a broader trend of venture capital interest in Web3 and AI initiatives. In May, the firm had led a $6.2 million seed round for another crypto AI startup, ChainML, which focuses on creating a decentralised network for training AI agents. Furthermore, Hack VC had launched a $150 million fund earlier this year specifically aimed at supporting early-stage Web3 and AI startups.

As the demand for advanced computing technologies continues to rise, Exabits is positioning itself as a key player in the decentralised computing landscape, with ambitions to expand its market presence and further develop its technology offerings.

Source: Noah Wire Services