io.net Successfully Raises $30M in Series A Funding Round

According to an announcement by io.net last Tuesday, they successfully raised $30 million in their Series A funding round, led by Hack VC, with participation from Multicoin Capital, 6th Man Ventures, Solana Ventures, OKX Ventures, Aptos Labs, Delphi Digital, The Sandbox, Sebastian Borget of The Sandbox, and many other partners.

BREAKING: https://t.co/WLXlHkvE4z has raised $30M to build the largest decentralized GPU network in the world and solve the AI compute shortage.

The Series A round was led by Hack VC with participation from Multicoin Capital, 6th Man Ventures, M13, Delphi Digital, Solana Labs,…

— io.net (@ionet_official) March 5, 2024

This latest funding round valued io.net at $1 billion.

Sources indicate that the funding round was conducted in tranches, with the structure including SAFEs and token warrants at a 1:1 ratio. Ahmad Shadid, the founder and CEO of io.net, confirmed this information, emphasizing that all investors must hold the token for at least one year.

With the new funding, IO Research plans to expand its team from about 50 to 100 people by the end of the year to meet customer demand and continue building the network. The io.net project, based on Solana, focuses on providing GPU computing resources for artificial intelligence (AI) and machine learning (ML) companies at lower costs and faster lead times.

Through the Solana blockchain, io.net commits to providing transparent computing evidence and making every task and transaction clear on the chain. The IO token offers a consistent trading experience for users and encourages interaction between providers, customers, and users.

Ed Roman, managing partner at Hack VC, emphasized that io.net helps customers save up to 90% on cloud AI costs and appreciates the project’s remarkable achievements in the context of a global shortage of GPU chips.

Related: Analyst Predicts Solana (SOL) to Surge to $333 USD

Introduction to the io.net Platform

Io.net is a decentralized physical infrastructure project (DePIN) based on Solana, focusing on aggregating GPU resources for artificial intelligence (AI) and machine learning (ML) companies. The project was founded by Ahmad Shadid, who also serves as the CEO of io.net.

• Ignition Program: Io.net has just unveiled the Ignition program, a promotional program aimed at promoting the development of the GPU network and building the io.net community. In this program, network providers will be rewarded for all activities from November 2023 onwards. The program will reward users based on their provision of GPU to the network. Factors considered include hours of job completion, node bandwidth, GPU model, and uptime.
• Io.net Goal: Io.net aims to build an “Internet of GPU” and address the shortage of GPU computing capacity caused by the AI ​​boom. The project uses the Solana blockchain to provide transparent computing evidence and help all tasks and transactions between providers and consumers displayed on-chain.
• Development of Io.net: Since its launch three months ago, Io.net has grown to over 25,000 nodes, serving over 47,000 hours of computing, and paying over $300,000 from customers to network providers. The demand for GPU computing capabilities for AI applications is alarmingly increasing.

Io.net contributes to providing GPU resources for AI and ML projects, helping to drive the development of information technology in the future.