Io.net, which focuses on sourcing GPU computing power for AI and machine learning companies, was launched in November and has grown to over 25,000 GPUs and processed over 40,000 compute hours. The platform uses the Solana blockchain to provide transparent proof-of-compute and make every job and transaction between supplier and consumer visible on-chain. The native IO token is expected to launch on April 28.
Key takeaways:
- IO Research, developer of the Solana-based decentralized physical infrastructure network (DePIN) io.net, has reached a fully diluted token valuation of $1 billion in its latest funding round.
- The company raised $30 million in a 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, and others.
- Most investors joined the round earlier at a valuation of $500 million. The native IO token of io.net is expected to launch on April 28.
- Io.net, a Solana-based DePIN project focused on sourcing GPU computing power, aggregates GPU resources for AI and ML companies at lower costs and faster lead times. It claims to have grown to over 25,000 GPUs and processed over 40,000 compute hours for AI and ML companies.