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

Funding led by Tan’s firm

Walden Catalyst, the venture firm founded by Intel CEO Lip-Bu Tan and former Samsung president Young Sohn, led Hyperbolic’s $30 million Series A-1 round. Dell Technologies Capital, General Catalyst, Vista Equity Partners and Cambium Capital also invested.

The AI chip marketplace and software company has raised $50 million in total. Its earlier funding included a $12 million Series A in 2024, led by Variant and Polychain Capital, and a $7 million seed round that year.

Connecting fragmented cloud providers

AI cloud providers, or neoclouds, use different chips, networking systems and software. Hyperbolic helps companies find computing resources across providers and offers software intended to make them easier to use together.

Founder and CEO Jasper Zhang, 31, described the market as fragmented and said that creates a painful customer experience. The four-year-old startup works closely with about 30 neoclouds, including WhiteFiber and Vector Core Compute.

Revenue goals and expansion plans

Hyperbolic says roughly $200 million worth of compute is connected to its software each year. More than 250,000 developers use the service, including teams at Modal, Higgsfield and Daytona.

The company plans to use its new funding to expand tools for managing AI chips across neoclouds. It expects to have 50 employees by year-end; Zhang said it is aiming for $150 million in annual recurring revenue by then and is already breaking even.

A possible market for unused compute

Before starting Hyperbolic, Zhang worked as a quantitative researcher at Citadel Securities. The company’s publicly shareable fundraising deck has had slides redacted.