Edge Matrix Chain (EMC) Funding

Edge Matrix Chain (EMC), a multichain infrastructure, has raised $20 million in a funding round led by Polygon Ventures and Amber Group.

The project announced that investors such as One Comma, Kapley Judge, Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group, and Hameem Raees Chowdhury participated in the funding round.

EMC plans to use the newly raised funds to launch its Layer 1 blockchain, focused on applications designed for artificial intelligence. The blockchain is designed to scale and support GPU compute for crypto AI projects while introducing a new DeFi asset class backed by tokenized real-world GPU resources.

The project proposes a new DeFi asset class that aims to leverage tokenized H100 Tensor Core GPUs developed by Nvidia. According to its statement, such assets will allow users to benefit from returns generated by outsourcing on-chain GPU resources.

Additionally, EMC has launched a two-month public testnet incentive program on August 17 with plans to allocate a $5 million prize pool through two stages of incentive programs.