Intel CEO Lip-Bu Tan is supporting an infrastructure startup that has raised $30 million to help businesses rent computing power across hundreds of different AI cloud providers.
Hyperbolic is an AI chip market and software startup that has raised $50 million to date.
The A-1 round was led by Walden Catalyst, a venture capital firm co-founded by Tan and former Samsung president Young Sohn. Dell Technologies Capital, General Catalyst, Vista Equity Partners, and Cambium Capital also participated in the investment.
As companies compete to secure computing power, a challenge lies in the fact that AI cloud service providers, or neoclouds, use different combinations of chips, networks, and software. Hyperbolic helps clients source computing power from various suppliers and provides software that makes it easier to unify and use these resources without having to engage separately with each vendor.
Jasper Zhang, the 31-year-old founder and CEO, said, “This is a highly fragmented market, which makes the customer experience very painful.”
Hyperbolic also wants to allow customers to resell computing power they have already paid for but no longer need.
This four-year-old startup collaborates closely with approximately 30 neoclouds, including WhiteFiber and Vector Core Compute. The company states that its software connects computing power equivalent to about $200 million annually.
Hyperbolic previously completed a $12 million Series A round in 2024, led by Variant and Polychain Capital; prior to that, the company raised a $7 million seed round. The company expects to reach 50 employees by the end of this year and will use the funding to expand its software tools for managing AI chips across different neoclouds.
Zhang stated that the company aims to achieve $150 million in annual recurring revenue by the end of this year and has already reached profitability. Over 250,000 developers are using Hyperbolic, including teams from Modal, Higgsfield, and Daytona.
Before founding his company, Zhang worked as a quantitative researcher at Citadel Securities. He said that his startup’s plan to enable businesses to resell unused computing power could help pave the way for futures markets as Wall Street explores how to financialize AI chips.