Intel CEO helped raise $30 million for a startup designed to unite hundreds of neoclouds

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

Hyperbolic brings together the computing resources of approximately 30 neoclouds—cloud providers that use different chips, networks and software. Its platform helps companies find capacity and work with it through a unified set of tools; resources worth approximately $200 million are connected to the system each year.

The startup is also developing a resale feature for computing capacity that companies are already paying for but no longer use. Hyperbolic founder and CEO Jasper Zhang said the company expects to reach $150 million in annual recurring revenue by the end of the year and is already operating at break-even.

Hyperbolic will use the funds raised to develop software tools for managing AI chips across different neoclouds. The company published an investor presentation with sections removed.