{"id":15190,"date":"2024-07-13T19:05:02","date_gmt":"2024-07-13T16:05:02","guid":{"rendered":"https:\/\/forklog.com\/en\/institutional-bulletin-iris-energy-raises-413-million-peter-thiel-backs-ai-startup-on-polygon\/"},"modified":"2024-07-13T19:05:02","modified_gmt":"2024-07-13T16:05:02","slug":"institutional-bulletin-iris-energy-raises-413-million-peter-thiel-backs-ai-startup-on-polygon","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/institutional-bulletin-iris-energy-raises-413-million-peter-thiel-backs-ai-startup-on-polygon\/","title":{"rendered":"Institutional Bulletin: Iris Energy Raises $413 Million, Peter Thiel Backs AI Startup on Polygon"},"content":{"rendered":"

The cryptocurrency industry continues to attract an increasing number of institutional players. This is evidenced by new investments in infrastructure and the growing attention companies are paying to bitcoin as an asset class. ForkLog reviews the most significant events of recent weeks.<\/p>\n

Morgan Creek to Launch $500 Million Web3 Fund<\/h2>\n

Morgan Creek Digital plans to raise up to $500 million for a new Web3 fund targeting artificial intelligence, blockchain technology, chips, and data processing, reports CoinDesk<\/a> citing a press release.<\/p>\n

The firm also intends to expand its regional presence in Europe, Africa, the Asia-Pacific region, and the Middle East. To this end, the venture player is in talks with local officials and industry experts.<\/p>\n

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\u201cWith the global reach of Web3, the company will spend more time in international markets, aiming to connect with top CEOs and partners,\u201d stated Morgan Creek Digital.<\/p>\n<\/blockquote>\n

The new fund will invest in projects that \u201cseek to combine the power of AI, blockchain, and related chips to extract value from data.\u201d The primary focus is on startups that integrate multiple business areas.<\/p>\n

As an example, the company cited a developer of high-performance processors that can be used for AI training in data centers or bitcoin mining.<\/p>\n

Morgan Creek Digital forecasts that in 2024, investments in generative AI in Asia-Pacific countries will triple to $3.4 billion. Simultaneously, the Middle East is \u201cexperiencing a renaissance of new cutting-edge technologies,\u201d according to the firm\u2019s representatives.<\/p>\n

Since its founding in 2018, Morgan Creek Digital has raised over $440 million and holds about 80 equity positions.<\/p>\n

Iris Energy Secures $413 Million for Mining Expansion<\/h2>\n

Australian bitcoin mining company Iris Energy raised approximately $413.4 million<\/a> through a stock offering to expand its business post-halving.<\/p>\n

According to a press release, from May 15 to June 28, the firm sold 39.8 million of its own securities. The miner aims to achieve a hash rate of 30 EH\/s and increase data center capacity to 510 MW.<\/p>\n

The \u201cadditional cash buffer\u201d will be used for equipment purchases in 2025 and other corporate purposes, the company emphasized.<\/p>\n

According to a report<\/a> for the first quarter, Iris Energy earned $53.4 million from bitcoin mining. In the previous period, the figure was $42 million. The company\u2019s net profit after income tax increased to $8.6 million from $5.2 million in the previous quarter.<\/p>\n

According to MarketWatch<\/a>, on July 12, the firm\u2019s shares closed at $12.31, rising nearly 10% during the trading session. Since the beginning of the year, the miner\u2019s securities have increased by 85%.<\/p>\n

\"Institutional
Iris Energy stock quotes. Source: MarketWatch.<\/figcaption><\/figure>\n

Peter Thiel Invests in AI Startup on Polygon<\/h2>\n

Sentient, an AI platform on the Polygon blockchain, raised $85 million<\/a> with participation from PayPal co-founder Peter Thiel, Pantera Capital, Framework Ventures, and other investors. The firm creates open-source AI models with community involvement.<\/p>\n

One of the startup\u2019s founders is<\/a> Polygon co-founder Sandeep Nailwal. He stated that he focused on the new project to expand the L2 network in the AI field.<\/p>\n

Other project leaders include:<\/p>\n