There’s a crypto startup building something ambitious: a new global network for artificial intelligence computing power.
What’s happening:
- Decentralized physical infrastructure startup io.net has raised $30M USD in a new Series A round led by Hack VC, Multicoin Capital, Modular Capital and others
The big idea:
- io.net is building a globally available decentralized network of GPUs to power artificial intelligence computing
- io.net allows owners of GPUs to host their hardware on their network and easily receive payments for computing hours on demand
- GPUs from data centres, mining farms and individuals are all able to quickly integrate with the network io.net has built and begin generating revenues immediately
- Solana is the payment method used by io.net, which enables rapid transactions and also allows users to quickly purchase computing hours on available GPUS globally without any friction
By the numbers:
- Since inception, io.net has already facilitated more than 57,000 hours of computing time for training artificial intelligence models and workloads
- Despite having the vast majority of their available GPUs based in the United States, io.net has a quickly growing global network with more than 3,000 GPUs available in the United Kingdom and more than 2,000 GPUs available in Spain
Going deeper:
- Finding access to GPUs to train artificial intelligence models has become highly challenging as the demand for GPUs has grown exponentially, which has led to an influx of new funding for building data centres and even Bitcoin mining companies repurposing some of their operations to be able to power computing for artificial intelligence startups
