Intel CEO leads a $30 million bet on a startup aiming to unite hundreds of neoclouds. Read its pitch deck.
Backed by Intel CEO Lip-Bu Tan's VC firm, Hyperbolic raised $30 million to make it easier for companies to rent compute across different AI clouds.
Intel CEO Lip-Bu Tan spearheaded a $30 million investment in Hyperbolic, an infrastructure startup aiming to unite hundreds of neoclouds for companies. Jasper Zhang, Hyperbolic's founder and CEO, leads the $50 million startup, which connects companies with neoclouds and simplifies AI chip usage. Walden Catalyst, a venture capital firm, led the Series A-1 funding round, joining investors such as Dell Technologies Capital, General Catalyst, Vista Equity Partners, and Cambium Capital.
Neoclouds use various chips, networking, and software, posing a challenge for companies seeking computing power. Hyperbolic helps customers navigate this fragmented market by connecting compute resources from different providers and creating software that makes their use more accessible. Zhang, 31, said the market is too fragmented, making the customer experience painful.
Moreover, Hyperbolic allows customers to resell unused compute power. Its software is connected to roughly $200 million worth of compute annually across about 30 neoclouds, including WhiteFiber and Vector Core Compute. The company expects to have 50 employees by year-end and aims for $150 million in annual recurring revenue. As of now, it has broken even and serves over 250,000 developers, including teams at Modal, Higgsfield, and Daytona.
Zhang, a former quantitative researcher at Citadel Securities, plans to enable companies to resell unused compute, potentially paving the way for a futures market for AI chips.
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