Liquid Compute Secures $15 Million Seed Funding and Seeks CFTC Approval
Liquid Compute has successfully raised $15 million in a seed funding round, as announced by founder Ronit Jain. The company plans to utilize these funds to pursue qualifications for Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) from the U.S. Commodity Futures Trading Commission (CFTC). This initiative aims to establish the first regulated order book for trading contracts related to both cash-settled and physically delivered computing power.
The company emphasizes that computing power shares characteristics with electricity, being heterogeneous and non-storable, which sets it apart from traditional commodities like oil. Liquid Compute's strategy involves first creating an efficient short-term market for computing power, followed by the introduction of a cash-settled derivatives layer, akin to existing markets such as PJM or ERCOT.
In recent months, Liquid Compute has partnered with various financial institutions, including Susquehanna International Group, BGC Group, and Wintermute, to enhance liquidity for AI startups and neocloud providers through over-the-counter (OTC) trading. The seed funding round was co-led by Chemistry and FirstMark Capital, with contributions from K8 Capital, Night Capital, UFO Holdings, TrueBridge Capital Partners, Brainchild Holdings, Y Combinator, and notable angel investors from firms such as Dmitry Balyasny, CoreWeave, Jane Street, and OpenAI.
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Source: KLEA News