Intel CEO backs Hyperbolic's $30M round to unite hundreds of AI clouds
What's the deal? Hyperbolic, an AI chip marketplace and software startup, has raised $30 million in a Series A extension. Walden Catalyst, the venture firm founded by Intel chief executive officer Lip-Bu Tan and former Samsung president Young Sohn, led the round.
Dell Technologies Capital, General Catalyst, Vista Equity PartnersDealroom has a profile for this one. Try Dealroom →, and Cambium CapitalDealroom has a profile for this one. Try Dealroom → also participated. The four-year-old company has now raised $50 million to date.
What does it do? As companies scramble for computing power, AI cloud providers — known as neoclouds — run a mix of different chips, networking, and software. Hyperbolic helps customers find compute across those providers and builds software to use them together, rather than dealing with each separately.
"It's been a really fragmented market that makes the customer experience really painful," said 31-year-old founder and chief executive officer Jasper Zhang.
By the numbers: Hyperbolic works with about 30 neoclouds, including WhiteFiber and Vector Core ComputeDealroom has a profile for this one. Try Dealroom →, and says roughly $200 million worth of compute connects to its software annually. More than 250,000 developers use it, including teams at Modal, Higgsfield, and Daytona.
Zhang said the company is targeting $150 million in annual recurring revenue by year-end and is already breaking even. It expects to reach 50 employees by the end of 2026.
Where the money goes: The funding will expand software tools for managing AI chips across neoclouds. Hyperbolic also wants to let customers resell compute they pay for but no longer need.
Why now? Before founding the company, Zhang worked as a quantitative researcher at Citadel Securities. He said the plan to let companies resell unused compute could help pave the way for a futures market as Wall Street explores ways to financialize AI chips.
The signal: The bet reflects where infrastructure spending is heading: not just more compute, but tools to make a fragmented neocloud market usable — and, eventually, tradable.
Read more: Business Insider
Image credit: Idaho National Laboratory
