Funding Roundup: COSIMO digital seeks to raise $25M

Also, Hyperbolic’s total funding raised comes out to $20 million after $12 million Series A

article-image

Lana Veshta/Shutterstock modified by Blockworks

share

Digital asset firm COSIMO Ventures rebranded to COSIMO digital earlier this week, announcing a $12 million strategic funding round. 

The round, led by former Bridgewater executive Des Mac Intyre, will be used to target “strategic partners for expansion and growth in this rapidly developing market.”

As part of the rebrand, COSIMO will consolidate under one single umbrella. A press release stated that the firm “offers a full suite of services, including investment funds, custody services, advisory, broker-dealer services, Web3 and blockchain development.”

“Now was the right time to bring it all under one unified visionary identity,” managing partner Ciaran Hynes said. 

COSIMO’s Rob Frasca added, “​​Our comprehensive approach to digital asset management positions us as leaders in the tokenization and blockchain markets, paving the way for institutional and individual investors to capitalize on this transformative technology.”

Read more: Ex-Grayscale CEO shifts focus to tokenization

Next up is Hyperbolic, which announced a $12 million Series A earlier this week. 

The round, led by Variant Fund and Polychain Capital, brings Hyperbolic’s total raise to $20 million.

CEO Jasper Zhang, in a blog post announcing the round, said the firm is using the funds to put together an “AI rainforest” which is basically a symbiotic ecosystem for artificial intelligence. 

“I want [researchers and developers] to build their dreams on our infrastructure — services that are accessible, verifiable and ready to grow alongside them. It’s about building a fertile ground where ideas can take root, flourish and then spread to benefit everyone,” he wrote.  

Read more from our opinion section: Big Tech can’t own AI’s future if we decentralize it first

The raise, he added, will help the firm find a “clearer direction and more confident stride” as it moves away from being as “scrappy” as it was previously. 

Other notable funding news:

  • Moonray announced a $10 million round. Republic Crypto and Animoca Brands were among the participants. 
  • TON Ventures received $5 million from OKX Ventures.
  • Yei Finance announced a $2 million seed funding round led by Manifold. 
  • Crypto.com acquired Orion Principals Limited. 
  • Lava said it raised a Series A led by Funders Fund and Khosla Ventures.

Updated Dec. 16, 2024 at 3 pm ET: Modified headline to note Cosimo’s funding round is ongoing.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

One small step for man, one giant leap for Bitcoin

article-image

Jay Woods, Chief Global Strategist at Freedom Capital Markets, said it would be “very rare” for an acquisition to happen since the IPO may occur as soon as next week

article-image

Sponsored

Money is one of the most consequential pieces of infrastructure, and M0 believes its architecture should serve builders, not extract from them

article-image

The financial backwaters they laughed at might be the only thing keeping the dollar afloat

article-image

The blockchain’s perpetual futures exchange is highly popular

article-image

The final company of the Magnificent 7 is set to report its Q1 earnings today after the close