Quick take:
- The company plans to use the fresh capital to accelerate the launch of its layer-1 blockchain for AI apps.
- Edge Matrix Chain is also setting aside $5 million in rewards to be distributed via an incentive program.
- The company aims to create a new class DeFi asset class backed by tokenised real-world GPU by scaling and supporting GPU compute for crypto AI projects.
Edge Matrix Chain (EMC), a layer-1 blockchain focused on powering AI applications has raised $20 million in a funding round led by Polygon Ventures and Amber Group, the company announced on Thursday.
The fundraising also attracted participation from One Comma, Cyberrock Venture Fund, Candaq Fintech Group, Hameem Raees Chowdhury, and Kapley Judge and Associated Corporations.
Edge Matrix Chain said it plans to use the fresh capital to accelerate the launch of its layer-1 blockchain for AI apps. The company has also set aside $5 million in rewards to be distributed across two stages of an incentive program, launched in mid-August.
According to the EMC, its blockchain is “designed to scale and support GPU compute for crypto AI projects while introducing a new DeFi asset class backed by tokenised real-world GPU resources.”
The new DeFi class leverages “tokenized H100 Tensor Core GPUs developed by Nvidia,” allowing users to benefit from returns generated by outsourcing on-chain GPU resources, The Block reported.
EMC’s peer-to-peer network-based edge computing protocol includes features like smart contracts, decentralized storage, and consensus mechanisms for transaction verification. The company claims its network enables users to access flexible, reliable, and efficient computing resources, also enabling them to share computing resources and process data
EMC Network is co-founded by the Chairman of EMC Foundation Alex Goh and CTO BK Khur. Goh was previously the General Manager of AWS Greater China, while Khur was part of the Digital Transformation team at Deloitte Consulting.
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