Hypernet
Hypernet is a privacy preserving computing protocol, which can be leveraged across a distributed network of devices.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor investor investor investor investor | €0.0 | round |
| N/A | €0.0 | round | |
$10.0m | Early VC | ||
| Total Funding | 000k | ||
| USD | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | - | 22 % | - | (44 %) | - | - |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Dealroom estimates
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Hypernet Labs, established in 2017, operated as a cyberinfrastructure firm with an ambitious agenda to reshape digital commerce and distributed computing. The company was founded by a team with deep roots in academia and engineering: Ivan Ravlich, Daniel Maren, and Todd Chapman. The founding concept originated from CEO Ivan Ravlich's doctoral research in Aeronautics and Astronautics at Stanford, where he identified the lack of accessible parallel computation as a significant barrier to scientific innovation. This insight formed the company's initial mission.
Co-founder Daniel Maren brought prior entrepreneurial experience to the venture, having previously founded the solar electronics company Dragonfly Systems, which was acquired in 2014. Todd Chapman served as the Chief Technology Officer, leveraging his Ph.D. in Aerospace Engineering from Stanford to architect the company's technical foundation. The initial business model centered on creating a blockchain-based marketplace for buying and selling idle computing power. This was intended to provide a cost-effective solution for clients like government agencies, research institutions, and energy companies to perform large-scale data analysis and simulations. The company's first product, named Galileo, was developed to facilitate these transactions, allowing users to pay for computational jobs with cryptocurrency.
As the market evolved, Hypernet Labs expanded its focus to develop broader Web3 solutions, including Hypernet.ID, a digital identity protocol designed as a reusable NFT-based passport for Know Your Customer (KYC) verifications. However, the company faced significant challenges. In early 2022, the founders were named in a lawsuit alleging fraud. Shortly thereafter, in July 2022, the company announced it was shutting down, citing adverse market conditions and the collapse of its treasury, which was held in Ethereum. The company is now listed as out of business.
Keywords: distributed computing, cyberinfrastructure, Web3, digital identity, blockchain marketplace, parallel computation, computational power, cloud services, decentralized network, out of business