The $20 million funding round for Edge Matrix Chain is being co-led by Amber Group and Polygon Ventures
In addition, One Comma, Cyberrock Venture Fund, Candaq Fintech Group, and Hameem Raees Chowdhury participated in the fundraising, among others.
Edge Matrix Chain (EMC), a layer-1 blockchain that is dedicated to enabling AI applications, has secured $20 million in a funding round that was spearheaded by Amber Group and Polygon Ventures, the company disclosed on Thursday.
Also participating in the fundraising were Cyberrock Venture Fund, Candaq Fintech Group, One Comma, Hameem Raees Chowdhury, and Kapley Judge and Associated Corporations.
Edge Matrix Chain intends to expedite the introduction of its layer-1 blockchain for AI applications by utilizing the new capital. In mid-August, the organization implemented an incentive program that shall allocate $5 million in incentives over two phases.
The EMC’s blockchain is “engineered to facilitate the scaling and support of GPU computation for crypto AI initiatives, while simultaneously introducing a new DeFi asset class that is supported by tokenized real-world GPU resources.”
The Block reported that the new DeFi class utilizes “tokenized H100 Tensor Core GPUs developed by Nvidia,” which enable users to capitalize on the returns generated by outsourcing on-chain GPU resources.
Smart contracts, decentralized storage, and consensus mechanisms for transaction verification are among the features of EMC’s peer-to-peer network-based edge computing protocol. The company asserts that its network allows users to access computing resources that are reliable, flexible, and efficient, as well as to share computing resources and process data.
Alex Goh, the Chairman of the EMC Foundation, and BK Khur, the Chief Technology Officer, are the co-founders of EMC Network. Khur was a member of the Digital Transformation team at Deloitte Consulting, while Goh served as the General Manager of AWS Greater China.
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