Main Points Related to Bitcoin, Web3, Ethereum, and Cryptocurrency:
- 19 crypto startups raised $107.6 million in funding between July 28 and Aug. 3.
- Morpho led with a $50 million strategic round, followed by DuelNow and Daylight.
- Morpho, a decentralized crypto lender, raised $50 million to enhance decentralization.
- DuelNow secured $11 million for its blockchain-based sports betting platform.
- Daylight received $9 million for its decentralized energy distribution project.
- Hyperbolic Labs closed a $7 million seed funding for AI infrastructure.
- Other notable investments included Pichi Finance, Raad Labs, and various early-stage companies.
Morpho, $50 million
Morpho, a decentralized crypto lender, secured $50 million in a strategic funding round led by Ribbit Capital, a16z, and Coinbase Ventures. Originally designed as an optimization layer for Aave and Compound, Morpho has evolved into Morpho Blue, offering a comprehensive lending protocol with inherent risk management features. CEO Paul Frambot highlighted that the funding will support Morpho’s decentralization efforts and global expansion.
DuelNow, $11 million
DuelNow, a decentralized sports betting platform, raised $11 million in fresh capital. GEM Digital Limited led the investment with $10 million, accompanied by contributions from prominent angel investors like Charlie Lee and Billy Markus. The platform aims to revolutionize the sports betting industry by utilizing blockchain technology on the Arbitrum network, promising transparent and peer-to-peer betting experiences.
Daylight, $9 million
Daylight, a project focusing on decentralized physical infrastructure networks for energy distribution, secured $9 million in a Series A round. A16z Crypto led the funding round, with participation from Framework Ventures and others. Daylight plans to optimize energy consumption and distribution by connecting various energy devices to a decentralized network, potentially transforming the energy sector through distributed technologies.
Hyperbolic Labs, $7 million
Hyperbolic Labs Inc., an AI infrastructure startup, closed a $7 million seed funding round led by Polychain Capital and Lightspeed Faction. The company aims to develop a platform that aggregates idle GPU resources globally to provide affordable AI compute power. By democratizing access to AI technology, Hyperbolic Labs intends to offer significant cost reductions for businesses and researchers in need of high-performance computing.
