TLDR: Multicoin Capital leads $3.5 million seed raise for Crunch Lab
- Crunch Lab, core contributor behind CrunchDAO, raised $3.5 million in seed funding led by Multicoin Capital.
- Start-up is a platform for AI researchers to participate in distributed machine learning competitions, with members earning CRNCH tokens for participation.
Multicoin Capital led a $3.5 million seed funding round for Crunch Lab, a startup that is the core contributor behind CrunchDAO, a platform for AI researchers to participate in distributed machine learning competitions. Other participants in the funding round included Factor Capital, Fabric VC, and Elixir Capital, bringing the total funding raised by Crunch Lab to $5.3 million. CrunchDAO members can earn CRNCH tokens, which provide governance rights and other perks within the platform. Additionally, Crunch Lab has entered the prototyping phase with two financial institutions to provide live data feeds, expecting an additional $2 million ARR this year. The start-up previously closed a pre-seed round in 2021 with support from angel investors with quantitative finance or tech knowledge.
