Funding Roundup: COSIMO digital seeks to raise $25M

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.

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