The Metaverse startup, Render Network, a crypto startup that offers processing tools to NFT and Metaverse projects, has successfully raised $30 million in a funding round led by Multicoin Capital. Render Network, which provides a decentralized alternative to Pixar’s powerful dimensional rendering, is expected to grow stronger following this successful funding round.
Render Network allows digital artists to tap into shared computer processing power. According to a press release, the company plans to double its workforce, enhance “rendering engine” integrations, and grow the community with an increased focus on publishing NFTs.
Render Network Secures $30M in First Funding Round
The $30 million funding round for Render Network was spearheaded by Multicoin Capital, with other investors including Sfermion, Alameda Research, Solana Foundation, and angel investors Bill Lee and Vinny Lingham. This marks the first funding round in Render Network’s history.
Jules Urbach, the founder of Render Network, spoke about the startup’s role: “Render Network allows GPU owners to monetize their hardware when not in use. It provides a source of income and an opportunity to balance capital expenditures with the processing power they already have.”
Urbach highlighted that Render Network levies a small transaction fee to safeguard its network against malicious activities and to provide better service.
Urbach did not comment on financial matters, merely stating that the round was closed independently of Meta’s headlines. However, a representative at Multicoin has confirmed the $30 million token deal.
According to Urbach, network activity has tripled in recent months as more artists use the network for complex artworks, such as 3D objects and animations, that are beyond the capabilities of regular home computers.
Render Network is leveraging idle GPUs to establish a peer-to-peer service network for artists, claiming to be a more cost-effective alternative to cloud services like Amazon. Urbach believes that this peer-to-peer network can compete with Pixar’s powerful processing farms.
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