TechFlow news, on August 15, according to The Block, Crunch Lab has completed a $3.5 million seed round led by cryptocurrency investment firm Multicoin Capital. The funding round also received support from Factor Capital, Fabric VC, and Elixir Capital, bringing the startup's total raised capital to $5.3 million.
Crunch Lab is a core contributor to CrunchDAO, a platform that enables AI researchers to participate in distributed machine learning competitions. Participants can earn rewards, including CRNCH tokens, which grant holders governance rights and other privileges within CrunchDAO.
Jean Herelle, founder and CEO of Crunch Lab, said the company has entered the prototype development phase and partnered with two financial institutions to provide real-time data streams, a move expected to generate an additional $2 million in annual recurring revenue (ARR) for Crunch Lab this year.
