io.net Secures $30 Million to Address the AI Compute Deficit by Launching 'The Internet of GPUs'

NEW YORK, MARCH 5, 2024 —  io.net Today, the largest decentralized GPU compute network, io.net, has announced it raised $30 million in its Series A round, led by Hack VC, with contributions from Multicoin Capital, 6th Man Ventures, M13, Delphi Digital, Solana Labs, Aptos Labs, and OKX. Notable figures in the industry also took part, including Solana founder Anatoly Yakovenko and Aptos founders Mo Shaikh and Avery Ching, along with Jin Kang from Perlone Capital. Significant backing also came from various Asian funds such as Foresight Ventures, Longhash, SevenX, ArkStream, and MH Ventures. The funds will help broaden the team, speed up the development of io.net Cloud, and propel IO Network toward becoming the top decentralized GPU network globally.

IO Network functions as a decentralized physical infrastructure network (DePIN) that consolidates underutilized GPU resources to create scalable virtual clusters aimed at companies in AI and machine learning. The io.net Cloud interface simplifies the deployment and management of GPU clusters, allowing users to specify details like type, host, location, GPU models, and security level efficiently.

Ahmad Shahid, Founder and CEO of io.net, remarked, 'AI isn't just a passing trend; it's accelerating rapidly. The demand for computation resources exceeds supply, causing costs to surge and limiting options for engineers. We’re gathering GPUs from geographically distributed sources and opening up access to them at a fraction of the cost seen with traditional centralized cloud services.' He added that this funding will aid in team expansion, the decentralization of the network, and achieving their vision of making AI resources accessible worldwide.

io.net was one of the standout projects at the Solana Hyperdrive Hackathon in March 2023, which saw participation from over 7,000 participants and culminated in 907 final projects. Just four months later, they introduced the io.net Cloud during Breakpoint, Solana's annual community summit held in Amsterdam. Since its launch, the network has rapidly expanded, boasting over 24,000 GPUs and processing over 30,000 compute hours for clients like the YC incubated startup, DL Software.

“The io.net protocol allows customers to save up to 90% on their cloud AI costs”, said Ed Roman, Managing Partner at Hack VC. “In an age where GPU chips are in high-demand with global shortages, that is simply an incredible accomplishment. The team hustles harder than just about any team we’ve seen in web3, and their drive and resolve will serve them well in the coming years. We’re grateful to be partnering with them.”

Apart from providing on-demand GPU resources, which are in extremely high demand amid the current AI revolution, IO Network presents a competitive pricing edge compared to conventional hyperscalers like AWS and Azure. Unlike simply repackaging AWS services, io.net encourages resource providers—be they independent data centers, crypto miners, or consumer-grade GPUs—to contribute their unused capacity to the IO network. This strategy enables io.net Cloud to virtualize these assets, offering developers a nearly limitless scalability option and granular control over their GPU clusters, all at a significantly lower cost.

Shayon Sengupta, an Investment Partner at Multicoin Capital, stated, 'io.net holds the promise of democratizing GPU compute during a period when GPUs have become one of the rarest commodities available. Experts in the industry continue to drastically underestimate the amount of computing power necessary to support the upcoming wave of AI applications. io.net represents the only viable alternative to significantly expand GPU capacity without the need for building a new fabrication facility from scratch.'

Last December, io.net made headlines by forging significant partnerships with Render Network and Filecoin to deliver their hardware within the IO Network. Organizations like Krea.ai have already begun utilizing io.net's decentralized cloud services to power their AI-based model inferences.

In February, io.net launched The Ignition Rewards Program designed to motivate network participants and community members who supply GPU capacity, leverage io.net Cloud for their applications, or engage actively with the project via social media and Discord. This initiative was announced ahead of the anticipated release of the IO token later this year.

To discover more about io.net, whether you're interested in becoming a capacity supplier or accessing compute power at a reduced price, please visit https://www.io.net . 

About io.net

io.net is responsible for deploying and managing on-demand, decentralized GPU clusters within the IO Network. This network is a decentralized physical infrastructure made up of geo-distributed GPUs sourced from diverse origins. Today, IO Network grants access to hundreds of thousands of GPUs, geared specifically for low-latency applications requiring high processing power such as AI/ML operations and cloud gaming. By democratizing access to GPU compute resources, io.net not only cuts costs and shortens delivery times but also enhances the range of options available for engineers and businesses. You can obtain compute power for a fraction of the cost or contribute as a capacity supplier at https://www.io.net .

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About Hack VC
Hack VC is a web3-focused venture capital firm that collaborates both online and offline with innovators shaping the future of the internet. The firm invests in blockchain infrastructure and native web3 businesses, having established a diverse portfolio of over 100 companies and protocols. Hack VC also operates hack.labs (), an internal technology platform for institutional-level network participation, where their blockchain engineers and quantitative researchers provide liquidity, stake assets, make contributions to open-source projects, and more. Additionally, Hack VC has established hack.summit(), a global developer community that has become one of the largest blockchain programming events worldwide, attracting over 130,000 attendees from more than 150 countries throughout various events.

Media Contact: 

Garrison Yang