Multicoin Capital Leads $3.5 Million Seed Round For Crunch Lab
Summary
According to PANews, Multicoin Capital has led a $3.5 million seed funding round for Crunch Lab, a core contributor to CrunchDAO. Other participants in the funding round include Factor Capital, Fabric VC, and Elixir Capital, bringing Crunch Labs total funding to $5.3 million. CrunchDAO is a platform that facilitates distributed machine learning competitions for AI researchers, allowing participants to earn CRNCH tokens and governance rights through these contests.Crunch Labs founder and CEO, Jean Herelle, disclosed that the company is currently in the prototype testing phase with two financial institutions. Herelle anticipates that this development will generate an annual recurring revenue (ARR) of $2 million for Crunch Lab by the end of the year.