On July 30th, according to the official announcement, Hyperbolic completed a $7 million seed round of financing led by Polychain Capital and Lightspeed Faction, with participation from Chapter One, LongHash, Bankless Ventures, Republic Digital, Nomad Capital, CoinSummer Labs and Third Earth Capital. The funds will be used to advance the development of Hyperbolic's open AI cloud platform, including recruiting key engineers and creating a support ecosystem for developers.