Intel CEO leads a $30 million bet on a startup aiming to unite hundreds of neoclouds. Read its pitch deck. (www.businessinsider.com)

Intel CEO Lip-Bu Tan is spearheading a significant investment in Hyperbolic, an infrastructure startup that has secured $30 million in its latest funding round. This startup aims to streamline the rental of compute resources across various AI cloud providers, known as neoclouds. Led by Tan's venture capital firm, Walden Catalyst, the Series A-1 funding round also saw participation from notable firms such as Dell Technologies Capital and General Catalyst. With growing demand for computing power, Hyperbolic addresses the challenges posed by the fragmented AI cloud landscape, enabling companies to utilize diverse chips and software from multiple providers seamlessly. Hyperbolic, which has now raised a total of $50 million since its inception, connects customers to approximately $200 million worth of compute resources annually and is on track to achieve $150 million in annual recurring revenue by year-end. The startup also offers unique features, such as the ability for clients to resell unused compute capacity, a move that could potentially lay the groundwork for a futures market in AI resources. Founded by former quantitative researcher Jasper Zhang, Hyperbolic serves over 250,000 developers and aims to enhance its software tools for managing AI chips, making it a key player in the evolving AI/ML ecosystem.