Top Investment Deals in AI, Web3, and Crypto: Intelion, Nexus, Zyfi, NEAR Foundation, and Binance Labs Lead the Week
In Brief
Intelion, Nexus, Zyfi, NEAR Foundation, and Binance Labs have all invested in Web3, crypto, and AI, demonstrating significant advancements and commitments across sectors.
This week’s investment deals in Web3, crypto, and AI show significant advancements and commitments across sectors. Intelion is investing $135 million in AI, including a new data center in Samara Oblast. Nexus raised $25 million for zero-knowledge cryptography and verified computing. Zyfi secured $2 million for gas abstraction layer enhancement, and the NEAR Foundation raised $13 million for Nuffle Labs to decentralize research. Binance Labs invested in Zircuit, an AI-enabled Layer-2 network.
Intelion Makes $135 Million AI Investment
$135 million is being invested in AI initiatives by Russian crypto-mining companies, one of which is a new data center in the Samara Oblast. A division of Intelion, Intelion Cloud, will concentrate on growing AI businesses and giving customers access to powerful computers.
The sector, which works with energy suppliers in areas with milder temperatures and cheaper electricity costs, has expanded quickly as a result of the worldwide cryptocurrency markets. The first phase of Intelion Cloud’s new Samara data center is scheduled to open in Q4 2024.
Nexus Raises $25M in Series A Funding For Zero-Knowledge Cryptography
The $27.2 million overall financing reflects Nexus’s interest in zero-knowledge cryptography and verified computing. The startup wants to enable developers to obtain zero-knowledge proofs and bring truth to the Internet. According to Nexus, there is a need for evidence generation from companies that are concerned with protecting and growing decentralized infrastructure, as well as from industries including cloud computing, artificial intelligence, cybersecurity, and privacy-enhancing technology.
zkSync Abstraction Layer Zyfi Attracts $2M Investment to Drive Gas Abstraction Innovation
In a private investment round, Zyfi, a gas abstraction layer atop zkSync, raised $2 million from investors. The money will go toward developing developer software tools and a dApp payment management system. On zkSync, it has processed more than 815,000 transactions and removed gas costs for more than 110,000 consumers. In addition, Zyfi serves as a gateway to the zkSync network, enabling users to move tokens without using Ethereum gas and discover the best exchange rates.
NEAR Foundation has raised $13 million in funding for Nuffle Labs
The NEAR Foundation provided a grant, and venture capital company Electric Capital spearheaded the fundraising round. Dovey Wan of Primitive Ventures and Sandeep Nailwal of Polygon were among the other investors. The financing will be utilized to decentralize research within the NEAR ecosystem and advance the modular architecture for high-performance rollups developed by Nuffle Labs.
Binance Labs Has Invested in AI-driven Crypto Project Zircuit
Fast, inexpensive, and Ethereum Virtual Machine (EVM) compliant transactions are the project’s main goals. More than 1,100 applications have been evaluated for the “Build to Earn” initiative, which features leading industry launch partners. With assets staked totaling more than $3.5 billion, Zircuit plans to launch its mainnet in the upcoming months. Binance Labs is a platform that helps Web3 innovation and accelerates the blockchain space.
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