Singapore, August 30, 2024,10 AM SGT – Edge Matrix Chain (EMC), a global leader in multi-chain AI infrastructure and a Future3 Campus incubator project, today announced the successful raise of $20 million, led by Amber Group and Polygon Venture. Additional notable investors include One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group, Hameem Raees Chowdhury.
Launching AI-driven Layer 1 network
The funds will be used to launch EMC’s specialized Layer 1 blockchain focused on AI-powered dApps. This innovative AI-centric blockchain is designed to scale and support GPU compute for crypto AI projects while introducing a new DeFi asset class backed by tokenized real-world GPU resources. EMC's decision to launch this dedicated Layer 1 blockchain stems from the need to optimize for AI applications, which existing Layer 1 and Layer 2 blockchains are not designed to handle.
Developing a decentralized AI ecosystem
EMC’s AI-centric blockchain will provide native support for distributed GPU compute, enabling seamless integration with various large language models (LLMs) and AI frameworks. It will also optimize data storage and retrieval for AI workloads, allowing developers to build, deploy, and scale decentralized AI applications more easily than on existing general-purpose blockchains. This includes compute-intensive AI applications such as generative AI chatbot training on large datasets.
Introducing a new DeFi asset class
One of the core features of EMC’s blockchain is the ability to tokenize compute assets, allowing for investment and fractional ownership of high-performance GPU resources. This unique offering combines the power of real-world assets with the liquidity and accessibility of blockchain technology, setting EMC apart from other AI token projects in the market. These tokenized compute assets, backed by physical GPUs, are poised to see a 160% increase in demand due to the rapid acceleration of AI applications.
The EMC ecosystem will introduce a brand new DeFi asset class that leverages tokenized H100 Tensor Core GPUs developed by Nvidia. These real-world assets (RWAs) will be tokenized and made available for fractional ownership, allowing users to invest in and benefit from returns generated by outsourcing on-chain GPU resources. The EMC network aims to offer a sustainable and scalable annual percentage yield (APY) on these tokenized assets, creating an appealing narrative for institutional and retail investors alike.
Comprehensive Web3 infrastructure
EMC's blockchain solution for AI completes the company's comprehensive Web3 infrastructure, which already includes data storage, oracle services, and GPU cloud services. By providing a full-stack solution, EMC empowers developers to build and deploy AI applications seamlessly, leveraging the benefits of decentralization and blockchain technology. Additionally, the EMC network will support cross-chain capabilities with other major blockchains like Arbitrum, TON, and Solana, ensuring interoperability and tapping into the liquidity and user bases of these established networks.
CEO's statement
"We are incredibly grateful for the support and trust from our investors in our mission to build a dedicated blockchain for AI," said Alex Goh, Co-founder and Chairman of Edge Matrix Chain (EMC). "This funding will enable us to accelerate the development and launch of our AI-centric Layer 1 blockchain, providing developers with access to tokenized GPU compute and specialized tools for building AI applications. Our vision is to create a decentralized ecosystem that makes AI more accessible and cost-effective by leveraging idle, underutilized GPU resources and enabling new DeFi primitives through tokenized fractional ownership of underlying compute assets."
Testnet and reward program
EMC is set to launch a two-month public testnet incentive program on August 17, offering rewards through both mining and ecosystem reward schemes. The EMC Foundation plans to allocate a $5 million prize pool through two stages of incentive programs to attract and reward early contributors and loyal users, offering unique ecosystem benefits and supporting innovation through joint ecosystem projects.
This public testnet reward program will provide global developers and users with the opportunity to participate in the EMC ecosystem, experience EMC's innovative technology, and contribute to its future growth. The team is working around the clock to prepare for the mainnet launch, which is anticipated later this year. Once launched, the mainnet will enable developers to deploy their AI applications and leverage the full potential of EMC's decentralized AI ecosystem.
To learn more about Edge Matrix Chain (EMC) and its dedicated AI-focused blockchain, please visit https://earn.emc.network/.
About Edge Matrix Chain (EMC)
EMC is a leading multi-chain AI infrastructure paving the way for the future of Decentralized AI (DeAI). The platform hosts a wide array of AI-powered dApps running seamlessly on the EMC Network, including Jarvis, an integrated AI agent, working behind the scenes to enhance user experience and application capabilities. The EMC network features a unique blend of utility-driven economics based on GPU power to facilitate the usage and trading of computing resources—allowing for a more convenient and streamlined transaction and usage model for nodes and end-users.
For more information, please visit: https://www.emc.network/.